BRISTOL, Tenn., Jan. 2 (UPI) -- U.S. firm Graceway Pharmaceuticals said Tuesday it has acquired 3M's pharmaceuticals business for about $875 million.
Graceway said the deal gives it ownership of 3M's pharmaceutical portfolio in the United States, Puerto Rico, Canada and Latin America, including all of 3M's branded pharmaceutical products.
The deal includes manufacturing agreements for the products, as well as a technology access and development pact, Graceway said.
Under the transaction Graceway also retains the majority of 3M's field sales force in North and Latin America, the company added.
Graceway estimated 2006 net revenues for 3M's pharmaceutical products in North and Latin America at roughly $350 million.
Those products include Aldara Cream 5 percent for the treatment of external genital warts, actinic keratosis and superficial basal cell carcinoma; and MaxAir Autohaler, used to prevent and reverse asthmatic attacks.
The deal also gives Graceway related new drug applications, trademarks, copyrights, patents, licenses to patents associated with potential new formulations of the products, and other related intellectual property, the company noted.
