Stock Alert: Beyond Meat Zooms 28% On JV With PepsiCo

(RTTNews) - Shares of Beyond Meat, Inc. (BYND) are surging more than 28% Tuesday morning after the plant-based meat substitutes maker and PepsiCo., announced a joint venture to develop, produce and market snack and beverages made from plant-based protein.

The joint venture will leverage Beyond Meat's leading technology in plant-based protein development and PepsiCo's world-class marketing and commercial capabilities to create and scale new snack and beverage options, the companies said in a release.

"PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance," said Ethan Brown, Beyond Meat Founder and CEO.

Financial terms of the partnership were not disclosed.

BYND hit a new high of $222 this morning and is currently trading lower at $204.59