( BW)(MN-3M)(MMM) 3M Reaches Agreements to Sell its Pharmaceuticals
Business

    Business Editors

    ST. PAUL, Minn.--(BUSINESS WIRE)--Nov. 9, 2006--3M (NYSE:MMM)
announced today that it has entered into agreements to sell its global
branded pharmaceuticals business for approximately $2.1 billion in the
following regions:

    --  Graceway Pharmaceuticals Inc. has agreed to acquire 3M's
        pharmaceutical operations in the United States, Canada, and
        Latin America region for $875 million.

    --  Meda AB has agreed to acquire 3M's pharmaceutical business in
        Europe for $857 million. The agreement will be implemented by
        each 3M subsidiary subject to compliance with third party
        notice and approval requirements.

    --  Ironbridge Capital and Archer Capital have agreed to acquire
        3M's pharmaceutical operations in the Asia Pacific region,
        including Australia and South Africa for $349 million.

    The agreements are the result of a review of strategic options for
the branded pharmaceuticals business and its immune response modifier
(IRM) platform that 3M announced in April. Under the agreements, the
purchasers will acquire regional marketing and intellectual property
rights for 3M's well-known branded pharmaceuticals, including Aldara,
Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal and Minitran.
3M's Drug Delivery Systems Division will be a source of supply to the
acquiring companies for the products. As part of the transaction,
Graceway Pharmaceuticals also will acquire the rights to certain IRM
molecules.

    "These are great brands and products, and we believe they will
thrive in today's very competitive pharmaceutical marketplace under
the direction of their new owners," said Brad Sauer, executive vice
president, 3M Health Care. "I want to thank our employees for their
outstanding contributions to our business and for delivering excellent
service and quality to our valued customers."

    There are approximately 1,050 employees in 3M's Pharmaceuticals
Division worldwide. It is estimated that approximately 70 percent of
those employees will receive employment opportunities with the
acquiring companies.

    3M Health Care, one of 3M's six major business segments, provides
world-class innovative products and services to help health-care
professionals improve the practice and delivery of patient care. 3M
will continue to grow its vibrant Health Care businesses globally
serving multiple market segments.

    The transactions are scheduled to close in the fourth quarter,
subject to customary closing conditions, including regulatory
approvals, and in the case of Graceway Pharmaceuticals, and Ironbridge
Capital and Archer Capital, the receipt of financing. 3M will record a
gain related to the transactions, and in addition, will incur various
restructuring charges as it continues to align to drive growth and
improve productivity.

    3M's financial advisor for the transactions was Goldman, Sachs &
Co.

    About Graceway Pharmaceuticals Inc.

    Graceway Pharmaceuticals, Inc. ("Graceway"), headquartered in
Bristol, Tennessee, is a pharmaceutical company focused on acquiring,
in-licensing, and developing branded prescription pharmaceutical
products. Chester Valley Pharmaceuticals, Inc. ("CVP"), based in
Malvern, Pennsylvania, is a specialty pharmaceutical company focused
on the dermatology therapeutic niche. Current prescription products
marketed by CVP include Atopiclair Nonsteroidal Cream for atopic
dermatitis and the Benziq family of products for acne.

    About Meda AB

    MEDA AB (publ) is a leading European specialty pharma company that
concentrates on marketing and market-adapted product development.
Acquisitions and long-term partnerships are fundamental factors that
drive the company's strategy. Meda is represented in more than 24
countries and has about 900 employees within marketing and sales. The
Meda share is quoted on the OMX Nordic Stock Exchange.

    About Ironbridge Capital

    Ironbridge Capital is a leading provider of private equity for
growth businesses in the Australasian marketplace. Ironbridge is
focused on investments in medium- to large-sized management buyout and
expansion capital transactions headquartered in Australia and New
Zealand. This will be the first investment in Ironbridge's recently
raised A$1.05bn Fund II.

    About Archer Capital

    Archer Capital is a leading Australian private equity manager
specializing in management buyouts. The depth of its operational and
general management experience is unique in the Australian private
equity industry. A hands-on, operational focus characterizes its
approach from assessing, actively managing and eventual realizing an
investment opportunity.

    About 3M - A Global, Diversified Technology Company

    Every day, 3M people find new ways to make amazing things happen.
Wherever they are, whatever they do, the company's customers know they
can rely on 3M to help make their lives better. 3M's brands include
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete,
Command and Vikuiti. Serving customers in more than 200 countries
around the world, the people of 3M use their expertise, technologies
and global strength to lead in major markets including consumer and
office; display and graphics; electronics and telecommunications;
safety, security and protection services; health care; industrial and
transportation.

    Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal,
Minitran, Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite,
Filtrete, Command and Vikuiti are trademarks of 3M.

    Atopiclair and Benziq are trademarks of Graceway Pharmaceuticals.

    --30--AMP/la*

    CONTACT: 3M
             Media Contact:
             Donna Fleming, 651-736-7646
             or
             Investor Contacts:
             Matt Ginter, 651-733-8206
             Bruce Jermeland, 651-733-1807