Australian biotech company, Cellmid has announced that it will acquire Japanese company Advangen.
AAP reports that the acquisition is likely to take up to two weeks.
The two companies have worked closely together in recent years and Advangen owns the hair growth technology used in Cellmid's hair growth lotion Evolis.
The acquisition will mean that Cellmid will no longer have to pay royalties for the use of the technology. It is expected to deliver the company savings on the costs of the active ingredients.
The move will also give Cellmid access to the Japanese market through Advangen's products.
"The acquisition has important strategic aspects for Cellmid," the company said in a statement.
"The company will gain immediate access to the established Japanese hair growth market."
Chief executive of Cellmid Maria Halasz said, "Our objective is to establish Cellmid as a global leader in scientifically and clinically validated hair growth technology."