Fujifilm has announced plans to buy US biotech Cellular Dynamics International for around $307 million.

The Japanese group said it plans to acquire all issued and outstanding shares of CDI’s common stock for $16.5 per share, representing a premium of 108% to CDI’s closing price on March 27.

Upon completion of the transaction, which has been approved by the boards of directors of both companies, CDI will continue to run its operations in Madison, Wisconsin and Novato, California as a consolidated subsidiary of Fujifilm. 

The move gives Fujifilm, which is on a mission to strengthen its presence in the pharmaceutical field, access to CDI’s technology platform enabling the production of high-quality fully functioning human cells, including induced pluripotent stem cells, on an industrial scale.