3M’s pharmaceuticals arm ‘subject of three bids’

3M’s pharmaceuticals arm ‘subject of three bids’

The pharmaceuticals division of 3M is the subject of three bids from interested suitors, according to a new report.

Indian generics company Ranbaxy Laboratories, Wockhardt and Warburg Pincus are considering bidding more than $1 billion for 3M, which manufactures generic and proprietary drugs, the Economic Times reports.

The 3M pharmaceutical company is estimated to be worth over $1 billion and one of these companies could be tempted by both the product portfolio and the chance to expand further into the US market.

The Financial Express quotes Ranbaxy as saying that it would not comment on speculation. However, Ramesh Adlige, an executive director at Gurgaon, remarked: “[Acquisitions] will be an active business strategy and one of the growth drivers to expand our business.”

Ranbaxy has recently been employing a strategy of challenging patents in many countries for Lipitor, the Pfizer drug, with mixed results.

In the UK, the company’s challenge was thrown out of the courts, and Pfizer said would “vigorously defend” any patent challenges.