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Japan’s Toyama Chemical Co is the subject of a takeover bid worth some $1.44bn by photography giant Fujifilm Holdings Corp as the latter looks to get a foothold in the pharmaceutical sector.
Fujifilm may be best known for its cameras, but it also has a major presence in medical devices, selling endoscopes and digital X-rays.
Furthermore, the buyer seems to believe the pharma world offers more benefits long-term than camera film now the digital age has well and truly dawned.
Fujifilm chief executive Shigetaka Komori said his firm hoped to boost sales of medical products.