By Robb M. Stewart

Else Nutrition's shares soared Monday after the company unveiled plans for a collaboration with Danone that will initially see its plant-based, soy-free products added to the dairy giant's portfolio.

In morning trading, the shares were 35% higher at C$0.44, narrowing their decline so far this year to 20%.

Else, which has been pushing to get its products on store shelves in North America and elsewhere, said that following due diligence by Danone the companies signed a letter of intent for a staged collaboration. They expect to sign a definitive deal by the end of March.

Initially, Else's products will be manufactured, marketed and commercialized by the European company. The companies plan to negotiate opportunities beyond product commercialization.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 13, 2023 10:49 ET (15:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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