Swiss specialty chemicals and biotechnology company Lonza has agreed to pay up to $300 million for InterHealth Nutraceuticals, a US-based developer and manufacturer of nutritional ingredients used in dietary supplements. The Californian company’s range of 15 branded ingredients, including UC-11 which Lonza said was revolutionizing the joint-health segment, complements the Basle-headquartered group’s portfolio in sports nutrition, weight management, immune health and pet health. The acquisition will also expand Lonza’s offering in cognitive and diabetic health.

Lonza CEO Richard Ridinger said the transaction takes the company a further step along its strategic path as a high-value supplier to the healthcare continuum, adding that he sees significant positive synergies from the merger. The purchase of InterHealth from private equity firm Kainos Capital is expected to be immediately accretive to earnings. The deal is anticipated to close in September 2016.

According to Transparency Market Research, the global nutraceuticals market is forecast to see a compound annual growth rate of 7.3% from 2015 to 2021 when it will be worth nearly $279 billion.