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3M enters into agreements to sell its global branded pharmaceuticals business

3M Europe : 03 June, 2007  (Company News)
3M has entered into agreements to sell its global branded pharmaceuticals business for approximately $2.1 billion in the following regions:
Graceway Pharmaceuticals Inc. will acquire 3Mís pharmaceutical operations in the United States, Canada, and Latin America region for $875 million.
Meda AB has agreed to purchase 3Mís pharmaceutical business in Europe for $857 million. The agreement will be implemented by each 3M subsidiary subject to compliance with third party notice and approval requirements.

Ironbridge Capital and Archer Capital have agreed to buy 3Mís pharmaceutical operations in the Asia Pacific region, including Australia and South Africa for $349 million.

The agreements are the result of a review of strategic options for the branded pharmaceuticals business and its immune response modifier platform that 3M announced in April. Under the agreements, the purchasers will acquire regional marketing and intellectual property rights for 3Mís well-known branded pharmaceuticals, including Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal and Minitran. 3Mís Drug Delivery Systems Division will be a source of supply to the acquiring companies for the products. As part of the transaction, Graceway Pharmaceuticals also will acquire the rights to certain IRM molecules.

ďThese are great brands and products, and we believe they will thrive in todayís very competitive pharmaceutical marketplace under the direction of their new owners,Ē said Brad Sauer, executive vice president, 3M Health Care. ďI want to thank our employees for their outstanding contributions to our business and for delivering excellent service and quality to our valued customers.Ē

There are approximately 1,050 employees in 3Mís Pharmaceuticals Division worldwide. It is estimated that approximately 70 percent of those employees will receive employment opportunities with the acquiring companies.

3M Health Care, one of 3Mís six major business segments, provides world-class innovative products and services to help health-care professionals improve the practice and delivery of patient care. 3M will continue to grow its vibrant Health Care businesses globally serving multiple market segments.

The transactions are scheduled to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals, and in the case of Graceway Pharmaceuticals, and Ironbridge Capital and Archer Capital, the receipt of financing. 3M will record a gain related to the transactions, and in addition, will incur various restructuring charges as it continues to align to drive growth and improve productivity.
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