U.S. health care conglomerate Johnson & Johnson said on Tuesday it will buy all outstanding shares of Japanese skin care firm Ci:z Holdings Co. that it does not already own for ¥230 billion ($2.05 billion) in cash.
J&J is betting the deal — which will give it ownership of popular brands such as Dr.Ci:Labo, Labo Labo and Genomer — will help it strengthen its international innovation pipeline.
The purchase adds to a flurry of cosmetics deals in Asia in recent years, as global brands seek to expand in a booming region that includes the $53.5 billion Chinese market by leveraging Asian brands' smart online marketing and fast turnaround times for new products.