South Africa’s Ascendis Health has announced the acquisition of two European companies as part of its plan to expand globally and diversify its pharmaceutical products, sending its shares higher.

The health and care company will buy Cyprus-based pharmaceutical firm Remedica Holdings Ltd for a reported 260 million euros ($291 million) and sports nutrition company Scitec International for 170 million euros ($190 million).

Ascendis shares rose 2.95 percent to 23 rand ($1.50).

The firm – which bought Spanish pharmaceutical company Farmalier S.A. in August last year – said it received the backing of 63 percent of its shareholders for the acquisitions which will be funded through a combination of debt, shares and proceeds from a rights issue.

Shareholders and new investors supported Ascendis’ proposed rights offer of 1.8 billion rand, the company said.