3M to Divest Substantially All of Its Drug Delivery Business to Altaris Capital Partners
3M will retain its transdermal drug delivery components business.
3M recently announced that it has entered into an agreement to sell substantially all of its drug delivery business to an affiliate of Altaris Capital Partners, LLC. Subject to closing and other adjustments, 3M will receive approximately $650 million in total consideration, including cash, an interest-bearing security, and a 17% non-controlling interest in the new company.
According to 3M, the business is a global leader in drug delivery that partners with pharmaceutical and biotech companies to develop and manufacture pharmaceutical products using inhalation, transdermal, microneedle, and conventional drug delivery technologies. 3M will retain its transdermal drug delivery components business. The business that is being divested has annual global sales of approximately $380 million.