Cellular Dynamics International is being acquired by Tokyo-based Fujifilm Holdings Corporation, the company announced today.

“CDI and Fujifilm share a common strategic vision for achieving leadership in the field of regenerative medicine,” CDI CEO Robert Palay said in a statement. “The combination of CDI’s technology with Fujifilm’s technologies, know-how and resources brings us ever closer to realizing the promise of discovering better, safer medicines and developing new cell therapies based on iPSCs.”

According to a release, the deal is an all-cash tender offer to close next quarter. Fujifilm will buy all of Cellular Dynamics’ stock for $16.50 per share, making the deal worth $307 million.

This acquisition will allow Fujifilm to gain entry into the area of iPS cell-based drug discovery support services. CDI announced it will continue its operations in Madison.