Boehringer Ingelheim is buying the remainder of the shares it does not already own in Japan’s SSP as part of its plan to expand its consumer healthcare operations.

Boehringer, which already has a 60.2% stake in SSP, will pay 710 yen per share for the over-the-counter specialist, valuing the latest deal at around 32.9 billion yen ($365 million). That represents a 25.4% premium on SSP’s closing price on Wednesday and the Japanese firm’s management has agreed to the tender offer.

Andreas Barner, chairman of the German firm, said the group will “enhance its global consumer healthcare business by sharing SSP’s knowledge”, while the latter’s R&D, “with unique pharmaceutical development and production technologies, is expected to play an important role within Boehringer". The company added that working with SSP, it will “work more aggressively to develop switch OTC drugs”.