Fujifilm Holdings Corp. made public on Wednesday its offer of about ¥155 billion ($1.44 billion) to purchase drug maker Toyama Chemical Co. If carried out, the deal would be the Fujifilm’s biggest push yet into medical products to drive its growth.

The offer made by the world’s largest photographic and imaging company is a combination of a tender offer bid and private placement. Through its offer, Fujifilm estimated the value of Toyama at ¥880 a share, a 39% premium to the company's closing price on Tuesday.

The offer or the deal, if the parts agree, follows Fujifilm’s latest aggressive strategy to move toward products such as endoscopes and digital X-ray systems. The Tokio-based company with manufacturing facilities in Asia, Europe, and the United States of America plans to move away from conventional photographic equipment as the demand for it falling as costumers chose digital cameras instead. The corporation has also a growing interest in furthering its product mix to include diagnostic and other drugs.

"The medical care operations could be the biggest [division at Fujifilm] and we want to make it so," said Fujifilm CEO Shigetaka Komori during a news conference.

Fujifilm's offer comes amid a period of mergers and acquisitions among Japan's smaller pharmaceutical companies. The pharmaceutical industry had been growing fast on the country's rapidly aging population.

The structure of the offer confirmed that Taisho Pharmaceutical, Toyama’s largest shareholder, will retain its 22% stake, the equivalent of 43 million shares. Taisho will be Fujifilm’s partner in sales and development.