Healthcare firm Otsuka Pharmaceutical has signed a definitive agreement to purchase a 100% stake in Canadian plant-based foods manufacturer Daiya Foods for C$405m ($324m).

The deal is expected to expand Otsuka's product portfolio and enhance Daiya's position in North America.

Otsuka currently provides various nutraceutical brands such as Nature Made vitamins in the US and Canada.

The acquisition aims to add a plant-based product range to the company’s portfolio in North America.

“We believe this will be an important pillar for our nutraceutical business.”

Daiya is set to benefit from the healthcare firm’s consumer brands expertise, research and development (R&D), and manufacturing capabilities, as well as its global market presence.

Otsuka president and representative director Tatsuo Higuchi said: “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.”

Founded in 2008, Daiya currently offers a variety of plant-based food products in more than 25,000 stores across North America such as Whole Foods, Kroger, Safeway and Publix.

The firm also provides its products in a number of countries such as Australia, Sweden, Mexico and Hong Kong.

The completion of the transaction is subject to approval of Daiya shareholders and customary closing conditions.

Upon conclusion, the company will continue to operate from its headquarters in Vancouver and be led by CEO Terry Tierney.