3M in Sale of Global Branded Pharmaceuticals Business

Cleary Gottlieb is representing 3M in connection with the pending sale of its global branded pharmaceuticals business for approximately $2.1 billion. 3M is selling the U.S., Canadian, and Latin American operations to Graceway Pharmaceuticals Inc.; its European business to Meda AB, a Swedish specialty pharma company; and its Asia Pacific operations, including in Australia and South Africa, to the Australian private equity firms Ironbridge Capital and Archer Capital. The transactions, which were announced on November 9th, are expected to close in the fourth quarter of 2006.

3M is a global diversified technology company. Well-known 3M brands include Thinsulate, Scotchgard fabric protectors, Post-it Notes, Scotch-Brite scouring products, and Scotch tapes.