The South African pharmaceutical, Ascendis health Ltd, has announced on May 24, 2016, it has signed agreements to buy two pharmaceutical firms in Europe. Cyprus-based Remedica Holdings Lth, for between €260 million and €335 million and Scitec International, previously owned by polish investment fund Enterprise Investors, for €170 million.

With these acquisitions, Ascendis expands significantly across Europe where it has been present since August 2015, when it acquired the Spanish pharmaceutical firm Farmalider SA. All the deals were part of a program of the firm to expand its business worldwide.

The aim now is to diversify its offers of pharmaceutical products, and to increase the value of its shares. In fact, after announcing the various transactions, the firm’s share on the Johannesburg where it is listed, soared 4.7% to R23.4 ($1.5) at 11:28 AM, valuing the firm to R6.9 million ($439 million).

Moreover, the acquisitions, which have been approved by 63% of the shareholders according to Ascendis, will be funded through a financial setting including loans and sales of social shares.