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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| 3M Company | NYSE:MMM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.27 | 0.30% | 91.68 | 342 | 10:34:07 |
From Apr 2019 to Apr 2024
By Colin Kellaher
3M Co. (MMM) said the deal to sell its drug-delivery business to private-equity firm Altaris Capital Partners LLC will allow it to focus on its core healthcare business while retaining a share of the divested unit's profits.
The St. Paul, Minn., manufacturing and technology giant on Thursday said it agreed to sell the business for total consideration of about $650 million, including a 17% minority stake.
3M said about 900 employees will join Altaris as part of the sale of the business, which works with pharmaceutical and biotech companies to make products using unique inhalation, transdermal, microneedle and conventional drug-delivery technologies.
3M said it will account for its stake in the drug-delivery business, which has annual sales of about $380 million, using the equity method.
The company's healthcare segment posted sales of $5.29 billion for the nine months ended Sept. 30.
New York-based Altaris, which focuses exclusively on the healthcare industry, manages $2.5 billion of equity capital, according to its website.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 12, 2019 11:08 ET (16:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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