Central de Drogas, S.A. de C.V., a Mexican prescription and proprietary drugs, and toiletries supplier, has agreed to be bought by Fagron NV, a Belgian pharmaceutical ingredients company.

Under the deal, capped at $24.4 million, Fagron intends to pay 352.0 million Mexican pesos ($18.4 million) in cash to buy Central de Drogas.

With the transaction, Fagron will enter the growing Mexican market for personalized medicine, which will further strengthen its position in the Latin American continent.

Subject to customary closing conditions, the acquisition is expected to close in the third quarter of 2019.