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 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