3M says it is considering selling its drug development and marketing operation. 3M has hired Goldman Sachs to advise it on various alternative strategies, which typically is code for putting a company up on the auction block. The group, which employs 1,500 people, develops and sells drugs in dermatology, women's health, cardiology and respiratory medicine.
"The best way for this business to grow is for it to be free to pursue separate strategies under the direction of a dedicated pharmaceutical industry company with a business model better suited to maximize its potential," said Brad Sauer, executive vice president of 3M Health Care.
- read the report from the San Francisco Chronicle