U.S. healthcare conglomerate Johnson & Johnson said on Tuesday it is acquiring all outstanding shares of Japanese cosmetics firm Ci:z Holdings Co Ltd that it does not already own for 230 billion yen (1.6 billion pounds).

The U.S. company will pay 5,900 yen per Ci:z share, a 55 percent premium over Tuesday's closing price, and expects the deal to strengthen its market presence in Japan, J&J said in a statement.

J&J is the second largest shareholder of the Japanese firm and owns a 19.9 percent stake through its affiliate.