Cleary Gottlieb is acting as counsel to 3M, which announced on December 12, 2019, that it entered into an agreement to sell substantially all of its drug delivery business to an affiliate of Altaris Capital Partners LLC.
Subject to closing and other adjustments, 3M will receive approximately $650 million in total consideration, including cash, an interest bearing security, and a 17% noncontrolling interest in the new, independent company.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the first half of 2020.
The business is a global leader in drug delivery that partners with pharmaceutical and biotech companies to develop and manufacture pharmaceutical products using unique 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.
For more information, please see the press release here.