Anglo-Swedish pharmaceuticals group AstraZeneca has sold Quorn, a leading brand of vegetarian meat-substitute products, to Montagu Private Equity for £70m (US$115.1m).

AstraZeneca put Marlow Foods, which makes and distributes Quorn, up for sale a year ago, when the business was estimated to be worth around £100m, reported the Financial Times.

Quorn, which is based on mycoprotein, a plant related to edible fungi such as mushrooms, is sold across Europe and was introduced onto the US market last year. US sales are currently at more than US$5m at retail value, although nearly three-quarters of sales of Quorn products are made in the UK.