3M recently announced that it has completed the sale of substantially all of its drug delivery business to an affiliate of Altaris Capital Partners, LLC, for approximately $650 million in total consideration. The transaction consideration includes cash, an interest-bearing security, and a 17% non-controlling interest in Kindeva Drug Delivery, the new company that will operate the business.
Kindeva Drug Delivery partners with pharmaceutical and biotech companies to develop and manufacture complex pharmaceutical products using differentiated inhalation, transdermal, microneedle, and conventional drug delivery technologies. The divested business has annual global sales of approximately $380 million. Approximately 900 3M employees who primarily support the business joined Kindeva Drug Delivery as a result of the sale.