3M sells Asia Pacific pharma business
3M 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 US$349m.
3M 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 US$349m.
The new dedicated pharmaceuticals company will be headquartered in Sydney, Australia under the leadership of Tony Martin, former general manager of 3M Pharmaceuticals' Asia Pacific operations. The acquisition includes products in both over-the-counter and prescription medicines, such as Difflam, Duro-Tuss, Aldara, Tambocor and Duromine.
Meanwhile, transactions with Graceway Pharmaceuticals for the sale of 3M's pharmaceuticals operations in the US, Canada, and Latin America; and Meda AB for the sale of 3M's pharmaceuticals business in Europe, are expected to close within the next 30 days subject to customary closing conditions including regulatory approvals, and in the case of Graceway Pharmaceuticals, the receipt of financing.