Japan's Fujifilm agrees to buy Cellular Dynamics for $307 million
By Reuters
Mar 30, 2015 08:02 AM EDT
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A tablet of Avigan (generic name : Favipiravir), a drug approved as an anti-influenza drug in Japan and developed by drug maker Toyama Chemical Co, a subsidiary of Fujifilm Holdings Co. are displayed during a photo opportunity at Fujifilm's headquarters in Tokyo October 22, 2014. (Photo : Reuters)
Japan's Fujifilm Holdings Corp (4901.T) said on Monday it has agreed to acquire U.S. biotechnology firm Cellular Dynamics International Inc (CDI) (ICEL.O) for $307 million.
Under the deal, which was approved by both companies' boards, Fujifilm will make a tender offer for all of CDI for $16.5 per share, the Japanese firm said in a statement. The offer represents a premium of 108 percent to CDI's closing price on the Nasdaq on Friday.
Originally a maker of photo films, Fujifilm has been aggressively expanding its medical equipment and pharmaceuticals businesses recent years.
In 2008, it bought Toyama Chemical Co, whose drug Avigan has been drafted in the global fight against Ebola.
In November, Fujifilm said it planned to spend 400 billion to 500 billion yen ($3.3-4.2 billion) on M&A deals over the next three years as part of efforts to boost its healthcare operations.
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