3M to Divest Substantially All of Its Drug Delivery Business to Altaris Capital Partners
12 Décembre 2019 - 03:15PM
Business Wire
3M today announced that it has 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 percent noncontrolling interest in the new company.
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.
“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, which is subject to customary closing
conditions and regulatory approvals, is expected to close in the
first half of 2020. Approximately 900 3M employees, who primarily
support the business, are expected to join the new company upon
completion of the sale.
3M expects to realize a gain of $0.45 to $0.50 per share from
this transaction, net of actions related to the divestiture. Upon
completion of the transaction, 3M’s ownership interest in the drug
delivery business will be reported using the equity method of
accounting.
Morgan Stanley & Co. LLC acted as financial advisor to 3M.
Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to
3M.
Forward Looking Statements
This news release contains forward-looking information about
3M’s financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as “anticipate,” “estimate,”
“expect,” “aim,” “project,” “intend,” “plan,” “believe,” “will,”
“should,” “could,” “target,” “forecast” and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political,
regulatory, capital markets and other external conditions and other
factors beyond the Company’s control, including natural and other
disasters or climate change affecting the operations of the Company
or its customers and suppliers; (2) the Company’s credit ratings
and its cost of capital; (3) competitive conditions and customer
preferences; (4) foreign currency exchange rates and fluctuations
in those rates; (5) the timing and market acceptance of new product
offerings; (6) the availability and cost of purchased components,
compounds, raw materials and energy (including oil and natural gas
and their derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other
disasters and other events); (7) the impact of acquisitions,
strategic alliances, divestitures, and other unusual events
resulting from portfolio management actions and other evolving
business strategies, and possible organizational restructuring; (8)
operational execution, including scenarios where the Company
generates fewer productivity improvements than estimated; (9)
unanticipated problems or delays with the phased implementation of
a global enterprise resource planning (ERP) system, or security
breaches and other disruptions to the Company’s information
technology infrastructure; (10) financial market risks that may
affect the Company’s funding obligations under defined benefit
pension and postretirement plans; and (11) legal proceedings,
including significant developments that could occur in the legal
and regulatory proceedings described in the Company’s Annual Report
on Form 10-K for the year ended Dec. 31, 2018, and any subsequent
quarterly reports on Form 10-Q (the “Reports”). Changes in such
assumptions or factors could produce significantly different
results. A further description of these factors is located in the
Reports under “Cautionary Note Concerning Factors That May Affect
Future Results” and “Risk Factors” in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The information contained in this news release
is as of the date indicated. The Company assumes no obligation to
update any forward-looking statements contained in this news
release as a result of new information or future events or
developments.
About 3M
At 3M, we apply science in collaborative ways to improve lives
daily. With $33 billion in sales, our 93,000 employees connect with
customers all around the world. Learn more about 3M’s creative
solutions to the world’s problems at www.3M.com or on Twitter @3M
or @3MNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20191212005424/en/
3M Media Contacts: Jennifer Ehrlich, 651-736-9430 3M
Investor Contacts: Bruce Jermeland, 651-733-1807 or Tony Riter,
651-733-114
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