Vancouver – A Japanese firm has acquired Daiya Foods, a maker of plant-based dairy alternative products, for $405 million.

Otsuka Pharmaceutical Co. Ltd. is a wholly owned subsidiary of Otsuka Holdings Co. Ltd. and is based in Tokyo. In a statement, the companies say the acquisition “is expected to help increase Daiya’s presence throughout North American and beyond, while creating a global plant-based platform.”

The statement says Daiya’s board has approved the deal, but it’s still waiting for shareholder and court approval and other “customary closing conditions” need to be confirmed.

Otsuka, which has operations in Canada and the U.S., manufactures popular brands such as Nature Made vitamins. The statement says acquiring Daiya “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.”

Terry Tierney, Daiya’s CEO, says in the statement that the company is honoured to be part of Otsuka.

“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,” he says.

“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 more than 10 years.”

Daiya was established in 2009 with the launch of Daiya Cheddar Style and Mozzarella Style Shreds. Today the company offers 30 plant-based products, including macaroni and cheese and a Greek yogurt alternative.

Otsuka Holdings had sales of US$10.3 billion in 2016 and has almost 45,000 employees worldwide. Its focus is on pharmaceutical products to treat diseases and nutraceutical products to maintain health.