Fujifilm to buy Scientific Sales Co and IS Japan Co from JXTG

The Tokyo-based image giant says it will buy two biotechnology business units from Japanese oil and steel conglomerates. Fujifilm Holdings Corporation aims to buy two units of Scientific Sales Co and IS Japan Co. from JXTG Holdings Inc. for US$800 million for the purpose of improving the health care business.

Fujifilm seeks growth through business acquisitions involved in regenerative medicine and drugs that have previously gained a greater scale in the copier business through a planned US$6.1 billion acquisition of Xerox Corp. Previous acquisitions include Cellular Dynamics International Inc. is a Wisconsin-based biotech company.

Tinuku Fujifilm to buy Scientific Sales Co and IS Japan Co from JXTG

Fujifilm said the acquisition plan of all shares in Irvine Scientific Sales Co. and IS Japan Co from JXTG will be completed in June. Fujifilm CEO Shigetaka Komori said Fujifilm would overcome opposition to the deal including Carl Icahn and Darwin Deason as shareholders who own more than 10 percent in Xerox.

"We have informed Xerox shareholders that the deal will benefit them," Komori said on Thursday.

Komori said Fujifilm had no plans to change the offer ahead of the upcoming Xerox shareholders meeting. Fujifilm in January agreed to take over Xerox and combine into a joint venture to gain scale and cut costs amid a falling demand for office printing.