3M explores options for pharma business

Minnesota, USA-based conglomerate 3M has said that that it is "exploring strategic alternatives for its global branded pharmaceuticals business and immune response modifier platform," and has retained Goldman Sachs to help in this. Analysts have estimated the business could be worth $1.0-$1.5 billion.

3M Pharmaceuticals Division, part of the group's health care business, discovers, develops, manufactures and sells branded drug products related to dermatology, women's health, cardiology and respiratory medicine.

Its best-known brands are Aldara (imiquimod), Difflam (benzydamine), Duromine (phentermine), Tambocor (flecainide), Maxair (perbuterol), Metrogel-Vaginal (metronidazole) and Minitran (glyceryl trinitrate). Sales of the Division are around $600.0 million and flat, with Aldara contributing about two-thirds. 3M's health care business, which includes dental, animal and health information products, as well as medically-linked devices, generated revenues of some $4.0 billion last year.