Graceway Pharmaceuticals Inc. of Bristol, Tenn., will buy 3M's pharmaceutical operations in the U.S., Canada and Latin America for $875 million. The Swedish drug maker Meda will acquire the European unit for $857 million and an investment group led by Ironbridge Capital and Archer Capital will buy the company's drug operations in the Asia Pacific region, Australia and South Africa for $349 million.
The St. Paul based company announced in April that they hoped to sell the pharmaceutical unit, explaining that it would be worth more to a dedicated pharmaceutical company. The pharmaceutical unit comprised about 20 percent of its health care division, where sales were the slowest of all the company's divisions.
Know More about pharmaceuticals at PharmaGazette.com.
Comment Preview