3M to Sell Dental Local Anesthetic Business to Pierrel for $70 Million

Global science company 3M has announced that it will sell certain assets associated with its dental local anesthetic portfolio to Pierrel S.p.A., a global provider of services for the pharmaceutical industry, for $70 million. The sale is subject to closing and other adjustments and is expected to be completed in the third quarter of 2023.

Strategic Portfolio Management

The local anesthetic products, sold primarily in Europe and Asia, include products sold under the Ubistesin™, Xylestesin™, and Mepivastesin™ brands together with related syringe and needle products and are part of the dental materials business in 3M’s Oral Care Solutions Division.

According to Karim Mansour, president of 3M Oral Care Solutions Division, the sale is part of 3M’s ongoing strategic portfolio management to exit certain products and prioritize investments that leverage its Health Care business’ core Oral Care technologies.

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“We believe that these products will be well positioned with Pierrel,” said Mansour. “3M will continue to invest in oral care solutions for our Europe and Asia customers and those around the world.”

The local anesthetic products had annual sales in 2022 of approximately $30 million and the impact of ongoing operations were not material to 3M’s financial results.

Providing Transitional Support

3M will retain ownership of its Seefeld facility and operations, which support 3M’s Oral Care business. After the transaction closes, 3M will provide transition support to Pierrel to help facilitate a smooth transition for customers.

Upon completion of the sale, 3M expects to record a gain upon the business’s divestiture, which it will reflect as an adjustment in arriving at results, adjusted for special items. The transaction is subject to information or consultation requirements with relevant works councils and other closing conditions.

The acquisition will further strengthen Pierrel’s product offerings and the company hopes it will enable them to expand their footprint in the dental market.