Johnson & Johnson has announced plans to buy out Japanese skincare company Ci:z Holdings Co, according to a report by Reuters.
The personal care giant has stated it will buy out all shares of the firm that it doesn’t already own for 230 billion yen ($2.05 billion) in cash.
The deal would see J&J take ownership of brands Dr.Ci:Labo, Labo Labo and Genomer, with it strengthening its international innovation pipeline
As part of the deal, J&J will acquire the shares from the firm’s founder Yoshinori Shirono for 55 percent premium at 5,900 yen per Ci:z share.
Speaking in a statement, Jorge Mesquita, Worldwide Chairman at Johnson & Johnson’s consumer division, said, “This transaction will maximise value creation … by bringing in an agile innovation model and rapidly accelerating sales through our global commercialization expertise.”