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Business

3M will exit branded drugs

November 13, 2006 | A version of this story appeared in Volume 84, Issue 46
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Acting on a strategic review launched in April, 3M has agreed to sell its global branded pharmaceutical business to three separate buyers for a total of $2.1 billion. The company will sell its U.S., Canadian, and Latin American operations to Graceway Pharmaceuticals, Bristol, Tenn. 3M's European business is going to the Swedish firm Meda, and it is selling its pharma operations in the Asia-Pacific region to the private equity firms Ironbridge Capital and Archer Capital.

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