3M considers selling its branded pharmaceuticals business

By Elaine Rigoli

Tampa, Fla., April 4 - 3M said it is exploring strategic alternatives for its global branded pharmaceuticals business and immune response modifier platform.

"The best way for this business to grow is for it to be free to pursue separate strategies under the direction of a dedicated pharmaceutical industry company with a business model better suited to maximize its potential. We believe our branded pharmaceuticals business is a valuable asset and there are more opportunities for technology and market synergies with a company other than 3M," executive vice president Brad Sauer said in a news release.

To assist the company in exploring its strategic alternatives, 3M said it has retained Goldman, Sachs & Co. as its investment banker.

3M health care brands include Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal and Minitran.

St. Paul, Minn.-based 3M Health Care provides products and services to help health care professionals improve the practice and delivery of patient care.

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