Otsuka Pharmaceutical Co., Ltd., Japan, announced plans to acquire 100% of Daiya Foods Inc., a Canada-based manufacturer of plant-based foods. The $405 million acquisition is expected to help increase Daiya's presence throughout North America and beyond, while creating a global plant-based platform.

Otsuka operates worldwide, including in the United States and Canada, offering vitamins under the Nature Made brand. The acquisition of Daiya greatly expands Otsuka's product portfolio, adding a new category of plant-based products in North America, and provides Daiya with a like-minded partner with expertise in consumer brands, R&D and manufacturing and global markets.

"We are excited to welcome Daiya to Otsuka group,” says Tatsuo Higuchi, president and representative director of Otsuka. “Driven by a highly talented management team, Daiya has developed a portfolio of high-quality, unique plant-based nutrition products and built a strong brand with loyal customers. We believe this will be an important pillar for our nutraceutical business. With our shared values, vision and mission, together we will commit to the better wellness of people worldwide."

Daiya produces a line of plant-based foods, including Greek yogurt alternatives, frozen pizza, frozen cheesecake, cream cheese-style spreads and cheese alternatives, and is also one of the founding members of The Plant Based Foods Association, San Francisco.

"Joining the Otsuka family is an honor for all of us at Daiya. With aligned values and vision, Daiya and Otsuka have a tremendous opportunity to bring the incredible benefits of a plant-forward lifestyle to people around the world," says Terry Tierney, Daiya's CEO. "Our partnership with Otsuka enables us to leverage their expertise and vast resources to continue growing our line of great-tasting, allergy-friendly food products that have delighted consumers for over 10 years."

Operations and management under the leadership of Tierney will continue from Daiya's current headquarters in Vancouver, Canada.