Fujifilm Co. said Monday it will buy a U.S.-based developer of induced pluripotent stem (iPS) cells to strengthen its position in the field of regenerative medicine field, especially new drug development.

Fujifilm said the firm has agreed with Cellular Dynamics International Inc. (CDI) to buy all of its stock for $307 million, or about ¥36 billion, through a takeover bid.

"We are taking a significant and strong step to expand our regenerative medicine business with this acquisition," Fujifilm Chairman Shigetaka Komori said at a news conference in Tokyo.