3M Sells Pharma Business to Three Different Companies
While not a merger or acquisition this item is interesting from Forbes. Seems 3M is getting out of the pharmaceutical industry and selling those assets to three companies.
3M In Three-Way Deal - Forbes.com
They are selling their US, Canada and Latin America based operations to Graceway Pharmaceuticals for $875 million and then their European division is being purchased by Media AB of Stockholm, Sweden for $857 million. Finally, Private equity firms Ironbridge Capital and Archer Capital will acquire 3M’s operations in the Asia Pacific Region for $349 million.
Not bad, 3M picks up over $2 billion from the sales. It is interesting that I felt 3M never was focused on their pharmaceutical interests. It is probably a good thing for those working in the pharma groups as there should now be more of a focus on what they can provide for their new owners. It is always unsettling though for those involved though not knowing what may come. I can’t really comment on whether or not all or most of the employees will be retained since I know little about the companies purchasing 3M’s assets. Hopefully it works out well for them.
Technorati Tags: 3M, pharma M&A, pharmaceutical deals
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