JOHANNESBURG (Reuters) – South Africa’s Ascendis Health Ltd said on Tuesday it bought 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 between 260 million euros ($291 million) and 335 million euros and sports nutrition company Scitec International for 170 million euros.

Ascendis shares rose 2.95 percent to 23 rand.

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.

($1 = 0.8926 euros)

(Reporting by Zandi Shabalala; Editing by James Macharia)