Medpharm: 3M bows out, sticks to core business

Manufacturing News, Source : The Manufacturer US
Published : 09 Nov 2006 23:10

3M will divide its puzzling pharmaceutical side venture three ways among four buyers, for a total sale of $2.1 billion.

Graceway Pharmaceuticals of Tennessee will buy about 40 percent, being 3M's pharmaceutical operations in the US, Canada and Latin America.

Media AB of Stockholm, Sweden, will pay $857 million for its share, and two private equity firms will buy the remainder for the AsiaPac operations.

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