3M announced the completed sale of certain assets from its dental local anaesthetic portfolio, to Pierrel (a global provider of services for the pharmaceutical industry) for a purchase price of $70m, subject to closing and other adjustments.
Sold primarily in Europe and Asia, the portfolio includes products sold under the Ubistesin, Xylestesi and Mepivastesin brands, as well as related syringe and needle products. These were formerly a part of the dental materials business in 3M’s Oral Care Solutions Division.
According to the press release on 1 Aug, 3M decided to exit these products and prioritise investments that leverage its Health Care business’ core Oral Care technologies as part of an ongoing strategic portfolio management. 3M has retained ownership of its Seefeld facility and operations, which support 3M’s Oral Care business.
The announcement adds that the portfolio had annual sales of approximately $30m in 2022 and the impact of its ongoing operations were not material to 3M’s financial results. 3M expects to record a gain in Q3 of 2023 related to this business’ divestiture which it will reflect as an adjustment in arriving at results, adjusted for special items.
