3M Pulls Off 3-Way Pharma Sale

3M has agreed to sell its global pharmaceuticals division in three separate deals worth a total of around $2.1 billion. First, Graceway Pharmaceuticals, a Bristol, Tenn.-based drug company owned by GTCR, will pay $875 million for 3M’s pharma operations in the < ?xml:namespace prefix = st1 />U.S., Canada and Latin America. Graceway also will subsume fellow GTCR portfolio company Chester Valley Pharmaceuticals. Second, Ironbridge Capital and Archer Capital (both of Australia) will acquire 3M’s Asia-Pacific pharma operations for $349 million. Finally, Sweden’s Meda will acquire 3M Pharma’s European business for $857 million. Press reports earlier this week had indicated that Warburg Pincus and a pair of Indian drug companies had been considering bids for the assets. www.3m.com< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />