3M Healthcare has announced that it is looking to sell its pharmaceuticals division.

Citing a "longer term risk-reward business model" than its other sectors, 3M hopes to sell it to another pharmaceuticals company.

The company says that it has brought in Goldman Sachs to help explore the division's "strategic alternatives".

Brad Sauer, executive vice-president of 3M Healthcare, said: "The best way for this business [pharmaceuticals] to grow is for it to be free to pursue separate strategies under the direction of a dedicated pharmaceutical industry company with a business model better suited to maximise its potential."

Approximately 1,500 workers are employed globally in the division that makes such drugs as Aldara, Difflam, Duromine and Tambocor amongst others.

While calling 3M Healthcare's pharmaceuticals division a "valuable asset", Mr Sauer said he believed it had better opportunities with a company dedicated to its type of research.

Despite the proposed sale, for which interested bidders are yet to be announced, 3M said that it still intends to grow its healthcare branch.

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