3M (NYSE:MMM) announced today that it entered into an agreement to sell most of its drug-delivery business to an affiliate of Altaris Capital Partners for approximately $650 million. St. Paul, Minn.-based 3M will retain its transdermal drug delivery components business, according to a news release. The business being divested has annual global sales reaching approximately […]
Report: 3M may sell off its drug-delivery business for $1 billion
3M (NYSE:MMM) may try to sell off its drug-delivery business in a deal that could fetch $1 billion, according to a report by Bloomberg. The drug delivery division makes transdermal drug patches, microneedle delivery systems, nasal devices, oral inhalers and packaging films for drug delivery. 3M is also developing a smart inhaler and is looking for pharmaceutical […]
3M issues safety notice for Durapore Advanced surgical tape
3M Deutschland (NYSE:MMM) recently issued an urgent field safety notice to warn of issues with its Durapore Advanced surgical tape. The Maplewood, Minn.–based company said in the notice — reported out of Germany — that its tape product meets all safety and efficacy criteria. However, long-term exposure of the Durapore Advanced surgical tape to continuous high-moisture […]
8 execs exit Acelity after 3M takeover
Eight top executives have departed wound care giant Acelity following its recent $6.7 billion purchase by 3M (NYSE:MMM), according to a report in the San Antonio Express-News. The executives include Acelity CEO Andrew Eckert, president & COO Gaurav Agarwal, CFO Tracy Jokinen, general counsel John Bibb, international president Ramesh Subrahmanian and Rohit Kashyap, president of global […]
3M slides on guidance cut despite Q3 earnings beat
Shares in 3M (NYSE:MMM) slid in pre-market trading today, despite third-quarter earnings that topped estimates, after the industrial conglomerate cut its outlook for the rest of the year. St. Paul, Minn.-based 3M posted profits of $1.58 billion, or $2.72 per share, on sales of $7.99 billion for the three months ended Sept. 30, amounting to a […]
3M closes $6.7B Acelity buyout
3M (NYSE:MMM) last week closed the $6.7 billion buyout of wound care giant Acelity from the private equity consortium that took the company private back in 2011. San Antonio, Texas-based Acelity, which had registered for an initial public offering a month before 3M floated its offer, was formed after Apax Partners and a pair of Canadian pension […]
The 20 largest medical device companies in the world
Consolidations continue to transform the roster of largest medical device companies in the world — as evidenced by the latest Big 100 list at our sister site Medical Design & Outsourcing. Overall, Big 100 companies saw $397.5 billion in sales during their most recent fiscal years, up 3.5% from the previous year. As companies continue to […]
3M funds Acelity buyout with $3.3B debt offering
3M (NYSE:MMM) is planning to finance its $6.7 billion acquisition of Acelity in part with a $3.3 billion debt offering. Maplewood, Minn.-based 3M, which announced its purchase of wound care giant Acelity in May, launched a four-part bond sale yesterday. 3M expects to finance the Acelity buyout with all of the net proceeds from the […]
Judge tosses 5,000 warming-device lawsuits filed against 3M
This story has been updated with a comment from Augustine Surgical and the plaintiffs’ attorneys. A federal judge has dismissed more than 5,000 lawsuits filed against 3M (NYSE:MMM) over its Bair Hugger patient warming system. The decision follows six years of litigation over claims that the warming system was responsible for infections suffered by patients […]
Healthcare the lone Q2 bright spot for 3M
Shares in 3M Cos. (NYSE:MMM) took a hit today despite the industrial conglomerate’s Street-beating second-quarter results, with its healthcare business the only division to show growth. The Twin Cities-based company posted profits of $1.13 billion, or $1.92 per share, on sales of $8.17 billion for the three months ended June 30, for a bottom-line slide […]
8 medical device industry supplier innovations you need to know
Medical device innovation doesn’t just come from startups or big corporate R&D departments. Contract manufacturers and suppliers are increasingly playing a role, too. [Image by Kristopher Roller on Unsplash] Long gone are the days when medical device industry suppliers simply produced or manufactured according to specifications. Companies are increasingly coming up with their own answers […]
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