Shares of Beyond Meat spiked 18% after the plant-based meat pioneer formed a joint venture with PepsiCo to develop and sell snack and beverage products made from plant-based protein. PepsiCo rose 1.2% at the close on Jan. 26. Financial terms of the partnership weren’t disclosed. However, Beyond Meat (BYND) believes that the venture will provide the plant-based meat maker with access to more customers as it enters new product categories and distribution channels. For the purpose of the joint venture, Beyond Meat and PepsiCo (PEP) will create a new entity called The PLANeT Partnership, LLC (TPP).
https://www.tipranks.com/news/beyond-meat-pepsico-form-plant-based-snack-venture-shares-pop-18