3M has entered into an agreement to sell its drug delivery business to an affiliate of Altaris Capital Partners, LLC for approximately $650 million.
 
The global drug delivery business partners with pharma and biopharma 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.
 
“The drug delivery business is a leading provider of transdermal and inhalation delivery technologies,” said Michael Roman, 3M chairman and chief executive officer. “This transaction will allow us to focus more resources on our core health care business as well as retain a share in the value of the drug delivery business as it grows over the coming years.”
 
The transaction, subject to customary closing conditions, is expected to close in 1H20. Approximately 900 3M employees are expected to join the new company upon completion of the sale.