US-based Johnson & Johnson has agreed to acquire all outstanding shares of Japanese skincare firm Ci:z Holdings that it does not already own for JPY230bn ($2.05bn) in cash.

The purchase will consist of the Japanese firm’s range of brands including Dr.Ci:Labo, Labo Labo and Genomer line of skincare products.

This skincare portfolio is expected to bolster Johnson & Johnson’s presence in Japanese market and enable it to more broadly improve its offering in science-based,  dermocosmetic brands.

Johnson & Johnson consumer worldwide chairman Jorge Mesquita said: “Health and beauty consumers are actively seeking science-based innovation to improve their skin.

“This transaction will maximise value creation for Johnson & Johnson’s Consumer business by bringing in an agile innovation model and rapidly accelerating sales through our global commercialisation expertise.”

“Health and beauty consumers are actively seeking science-based innovation to improve their skin.”

In July 2016, Cilag, an affiliate of Johnson & Johnson, signed a long-term strategic collaboration agreement to distribute Ci:z’s brands outside of Japan.

Under this collaboration, Cilag acquired around 19.9% of the outstanding shares of the Japanese firm.

The tender offer is part of a series of transactions that involve the US company’s intention to buy all the outstanding shares of the Ci:z.

This includes a separate transaction that will see Johnson & Johnson acquire the shares of the Ci:z held by CIC, which is the ownership vehicle of the company’s founder, Dr Yoshinori Shirono.

This acquisition adds to series of deals in the cosmetics segment in Asia in the recent years. French firm L’Oreal agreed to acquire South Korean makeup firm Nanda in May; and Unilever acquired cosmetics firm Carver Korea for $2.7bn in 2017, reported Reuters.

Estee Lauder, LVMH and also made investments into South Korean cosmetics firms.