Fujifilm seeks to expand its base beyond its traditional photography business.

Fujifilm Holdings Corp has disclosed, it aims to spend $4.54 billion (500 billion yen) in strategic acquisitions over the next three years, as it strives to seek growth outside of its photographic film business.

The development is strategic since its photographic film business is shrinking.

In December, Fujifilm had announced the acquisition of Takeda Pharmaceutical’s 71% stake in Wako Pure Chemical Industries for $1.3 billion in a bid to expand its healthcare business.

Last year, it was outbid by Canon Inc for acquiring a stake in Toshiba Medical Systems.