3M completes pharmaceutical sale in Asia Pacific

3M has announced the completion of the sale of its pharmaceutical operations in Asia Pacific for $349 million (176.7 million pounds). The division, that includes operations in Australia and South Africa, was sold to Ironbridge Capital and Archer Capital.

Including in the transaction is a number of prescription and over-the-counter pharmaceuticals, such as Aldara, Difflam, Duro-Tuss, Duromine and Tambocor.

“The new dedicated pharmaceuticals company will be headquartered in Sydney, Australia under the leadership of Tony Martin, formerly general manager of 3M Pharmaceuticals’ Asia Pacific operations,” the company reports.

Following this sale, 3M announced that it anticipated the sale of its pharmaceuticals business in the US, Canada and Latin America to Graceway Pharmaceuticals to close within the next 30 days, subject to standard approvals being obtained from regulators and conditions being met, including the receipt of financing.

Likewise, the sale to Meda of the company’s European pharmaceuticals business is also due to close within a month, subject to similar conditions.

In November, 3M had announced the forthcoming divestment of its global pharmaceuticals operations for a sum total of $2.1 billion. The company predicted that the “great brands and products” included in these transactions would flourish under their new ownership.

3M forecast that 70 per cent of its 1,050 staff employed in its pharmaceuticals operations would receive employment opportunities in the new owner companies.