3M announced today that it completed the spinoff of its Solventum healthcare business as a standalone company. Following the completion of the spinoff, Solventum is now listed on the New York Stock Exchange under the “SOLV” ticker. The 3M board approved the spinoff in March, confirming the effective date for today, April 1. The St. […]
3M Health Care
How Solventum plans to create value after spinning out of 3M
Bryan Hanson, soon-to-be CEO of 3M’s Solventum healthcare spinoff, is no stranger to major changes in medtech. He had direct involvement in medtech’s largest spinoff, when Covidien separated from Tyco. Hanson then led the integration of Covidien into Medtronic in medtech’s largest-ever acquisition. While at Medtronic, he also led the divestiture of its Patient Recovery […]
3M board approves Solventum healthcare spinoff
3M announced last week that its board of directors approved the planned spinoff of Solventum, its Health Care business. Board approval further solidifies the company’s previously announced intent to spin Solventum into a standalone company on April 1. The St. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care unit in […]
3M to spin off Solventum Health Care unit on April 1
3M announced today that it filed an SEC Form 10 to set the planned spinoff of its Solventum Health Care business for April 1. The St. Paul, Minnesota-based medtech company first announced plans to spin off its Health Care unit in June 2022. It named the standalone company, which generates more than $8 billion in […]
3M could reportedly raise up to $12 billion from Solventum spinoff
3M stands to make billions of dollars from spinning off its Health Care business into a new company called Solventum, according to a Star Tribune of Minneapolis report. The newspaper’s report cited a Fitch Ratings report, which said the up to $12 billion from the Solventum spinoff would come in over the next five years. […]
3M says Health Care spinoff still on track
3M stock was down this morning after the company’s 2024 earnings forecast failed to meet expectations. The Maplewood, Minnesota–based manufacturing giant also said it remains on track to spin off 3M Health Care as a new company called Solventum during the year’s first half. “The spin is on track to be completed in the first […]
3M picks former NuVasive CEO as president of Medical Solutions
3M announced that it named Chris Barry EVP and group president of its Medical Solutions Division. Medical Solutions exists within the 3M Health Care business group. 3M expects to spin off its Health Care business in the first half of this year, after which point it will operate under the name “Solventum.” Barry, the former […]
3M wins $34.2M contract to develop wound care solutions
3M Health Care announced that its Medical Solutions Division received a $34.2 million award from the U.S. Army Medical Research Acquisition Activity. The award enables 3M to develop a range of new solutions for infection prevention, wound management and wound healing. St. Paul, Minnesota-based 3M plans to lead a program focused on treatment strategies for […]
The top medtech trends of 2023
The top medtech trends of 2023 included innovations such as artificial intelligence, new GLP-1 weight loss drugs and some long-awaited medtech finally receiving regulatory nods. With health providers facing additional challenges on top of an ever-uncertain economic environment, medtech companies also made major readjustments: layoffs, spinoffs, reorganizations and much more. Here are the top stories […]
BD hires new chief medical officer from 3M Health Care
Becton, Dickinson & Co. today named Dr. Ronald “Ron” Silverman as EVP and chief medical officer. He replaces BD Chief Medical Officer Dr. William Sigmund, who announced plans to retire from BD earlier this year. The change takes effect Dec. 4, 2023. Silverman comes from 3M Health Care, where he served as SVP and chief medical […]
3M has a name for its healthcare business spinoff
3M today announced a name for its healthcare business spinoff, which the manufacturing giant expects to complete during the first half of 2024. What has been 3M Health Care will now be called Solventum. Here’s how 3M explained the name in its news release: “Solventum originates from two words: ‘solving’ and ‘momentum.’ ‘Solving’ captures the […]