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3M Sells Branded-Drugs Business

The deals are worth $2.1 billion.


(MMM) - Get 3M Company Report

agreed to sell its global branded-pharmaceuticals business, which it had been considering shedding for several months, for roughly $2.1 billion.

Graceway Pharmaceuticals will buy 3M's pharmaceutical operations in the U.S., Canada and Latin America for $875 million, and Meda AB will acquire the company's European drugs business for $857 million.

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Meanwhile, Ironbridge Capital and Archer Capital will take over 3M's pharmaceuticals in the Asia-Pacific region, Australia and South Africa for $349 million.

3M had said in April that it might sell its branded-drugs business. Meanwhile, 3M Health Care, one of 3M's six major business segments, will otherwise remain part of the company.