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3M Completes Sale of its Pharmaceuticals Business in Asia Pacific Region

06 Dec 2006 - 3M announced it has completed its transaction with Ironbridge Capital and Archer Capital to sell 3M's pharmaceutical operations in the Asia Pacific region, including Australia and South Africa, for $349 million.
 
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 acquisition includes leading products in both over-the-counter and prescription medicines, such as Difflam, Duro-Tuss, Aldara, Tambocor and Duromine.
 
The transactions with Graceway Pharmaceuticals Inc. for the sale of 3M's pharmaceuticals operations in the U.S., Canada, and Latin America; and Meda AB for the sale of 3M's pharmaceuticals business in Europe, are expected to close within the next 30 days subject to customary closing conditions including regulatory approvals, and in the case of Graceway Pharmaceuticals, the receipt of financing.