Diversified manufacturer 3M has agreed to sell its global pharmaceuticals business for around $2.1 billion in a three-part transaction involving trade buyers and private equity firms.
Graceway Pharmaceuticals Inc. agreed to buy 3M's pharmaceutical operations in the United States, Canada, and Latin America for $875 million.
Swedish drugs group Meda AB will buy 3M's pharmaceutical business in Europe for $857 million.
Australian private equity firms Ironbridge Capital and Archer Capital agreed to acquire to buy 3M's pharmaceutical operations in the Asia Pacific region, including Australia and South Africa for $349 million.
Insider's view: let's see how quickly these parts are sold on at a healthy profit.
Source: Reuters
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