3M completes sale of pharma units
US conglomerate 3M says it has completed its transaction with Ironbridge Capital and Archer Capital to sell its pharmaceutical operations in the Asia Pacific region, including Australia and South Africa, for $349.0 million (Marketletter November 20).
The new dedicated pharmaceuticals company will be headquartered in Sydney, Australia under the leadership of Tony Martin, formerly general manager of 3M Pharmaceuticals' Asia Pacific operations. The acquisition includes leading products in both over-the-counter and prescription medicines.
3M is also selling its US and European pharmaceutical businesses.
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