3m Selling Drug Businesses in 3 Deals for $2.1 Billion

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MINNEAPOLIS (AP) -- 3M Co., a manufacturer of products ranging from Post-it notes to weather-stripping, said Thursday it is selling its branded drug business for nearly $2.1 billion in three separate deals.

Graceway Pharmaceuticals Inc. of Bristol, Tenn., will buy 3M's pharmaceutical operations in the United States, Canada and Latin America for $875 million. The Swedish drugmaker Meda AB is buying its European pharmaceutical unit for $857 million, and an investment group led by Ironbridge Capital and Archer Capital have agreed to acquire its drug operations in the Asia Pacific region, Australia and South Africa for $349 million.

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3m Selling Drug Businesses in 3 Deals for $2.1 Billion

The businesses include the skin-cancer treatment Aldara as well as the dr...

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