3M Ducks Contract Suit Over $854M Pharma Unit Sale

Law360, Los Angeles (September 04, 2013, 5:04 PM ET) -- A New York federal judge on Monday ruled that 3M Co. hadn't violated an $854 million deal selling its European pharmaceutical business to Meda AB when it failed to disclose that its top-selling drug was due for a price reduction, finding Meda hadn't adequately performed due diligence.

Meda had argued that 3M violated several warranties in the acquisition agreement by failing to disclose during negotiations that its top-selling anti-arrhythmic drug, Flecaine, was subject to a government-mandated price reduction in France. But U.S. District Judge Alison J....
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