US-based conglomerate 3M has finalised a deal to divest its drug delivery business for approximately $650m to an affiliate of investment firm Altaris Capital Partners.

Under the agreement, 3M will own a 17% non-controlling interest in the entity. The deal, however, does not include 3M’s transdermal drug delivery components business.

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The sold business collaborates with pharmaceutical and biotech firms to produce pharmaceutical products leveraging inhalation, transdermal, microneedle and conventional drug delivery technologies.

The business has annual global sales of around $380m, 3M said in its press statement.

3M chairman and CEO Michael Roman said: “The drug delivery business is a leading provider of transdermal and inhalation delivery technologies.

“This transaction will allow us to focus more resources on our core health care business as well as retain a share in the value of the drug delivery business as it grows over the coming years.”

Subject to receipt of regulatory permissions, the acquisition is expected to conclude in the first half of next year.

As part of the deal, 900 members of staff divested will transition to the venture following the deal’s completion.

3M noted that it hopes to gain $0.45 to $0.50 per share from the deal.

Divestment of the drug delivery business follows 3M’s acquisition of wound care solutions provider Acelity and its KCI subsidiaries globally for around $6.7bn in October.

It acquired the firm from a consortium of funds advised by Apax Partners, along with Canada Pension Plan Investment Board (CPPIB) and the Public Sector Pension Investment Board (PSP Investments).

The deal, first announced in May, is part 3M’s strategy to boost presence in advanced and surgical wound care.