Altaris to Acquire 3M’s Drug Delivery Business

New York, NY—Altaris Capital Partners, LLC (“Altaris”) announced today that it has entered into an agreement to acquire substantially all of the drug delivery business of 3M (NYSE: MMM) for total consideration equal to $650 million.

The business, headquartered in St. Paul, Minnesota, is a global leader in drug delivery that partners with pharmaceutical and biotech companies to develop and manufacture pharmaceutical products using its unique inhalation, transdermal, microneedle, or conventional drug delivery technologies. As part of the transaction, 3M will retain a minority interest in the business alongside Altaris.

“We are excited to be partnering with 3M and the drug delivery team to support the future growth of the company,” said George Aitken-Davies, Managing Director of Altaris. “We believe the business is well positioned to build on its successful track record as a leading provider of drug delivery technologies.”

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the first half of 2020.

Schiff Hardin acted as legal counsel to Altaris.