Seeking to diversify into the pharmaceuticals industry, Fujifilm Holdings Corp. will spend about ¥130 billion to turn the midsize drugmaker Toyama Chemical Co. into a subsidiary, the companies said Wednesday.

Fujifilm, engaged mainly in the film and copier businesses with Fujifilm Corp. and Fuji Xerox Co. under its wing, will obtain a majority of the outstanding shares of Toyama Chemical, a long-standing drugmaker listed on the Tokyo Stock Exchange's first section and known for expertise in supplying medicines to hospitals.

"We aim to develop our medical business — whose annual sales currently stand at ¥300 billion — into a comprehensive health-care business to generate ¥1 trillion," Fujifilm Holdings President Shigetaka Komori told a news conference.