Fujifilm Holdings Corp. (TSE: 4901), which has been on the lookout for health care deals, is buying Cellular Dynamics International Inc. (Nasdaq: ICEL) for $307 million.

Cellular Dynamics, headquartered in Madison, Wisconsin, develops and manufactures products, including stem cells, used for drug discovery and screening processes. 

Tokyo-based Fujifilm operates health care, medical equipment, pharmaceuticals skin care, nutritional supplements, graphic arts, printing, camera lens and digital imaging businesses. The company announced plans to "selectively concentrate management resources into health care," as well other business segments in November. Fujifilm also said it was prepared to spend roughly between $3 billion and $4 billion on M&A in the next three years.

The buyer has been working to grow in the regenerative medicine field, and acquired Japan Tissue Engineering Co. Ltd. in December 2014.

The purchase price works out to $16.50 per share. Before the deal was announced, Cellular Dynamics' shares closed at $7.94. The target had $16.7 million in revenue for 2014.

Goldman Sachs & Co. (NYSE: GS) advised Fujifilm, and Morrison & Foerster LLP provided legal advice. JP Morgan was Cellular Dynamics' financial adviser, and Sidley Austin is legal counsel.

Different technologies have been behind many of the deals in the health care space. For more on the sector, see 5 Technologies that Drove Health Care M&A in 2014.