Graceway Pharmaceuticals LLC, which makes creams to treat skin conditions, has filed for bankruptcy protection, and said it plans to sell its U.S. and Canadian assets for $275 million to Swiss dermatology company Galderma SA. The Chapter 11 filing comes five years after Graceway was founded by GTCR Golder Rauner, a leading private equity firm, and current Chief Executive Jefferson Gregory. Galderma is a joint venture between Switzerland's Nestle SA (NESN.VX) and France's L'Oreal SA (OREP.PA). Graceway's products include Aldara, a topical medicine for the face and scalp to treat a skin patch condition called actinic keratosis. It acquired the rights to sell Aldara when it paid $875 million in January 2007 for 3M Co's (MMM.N) North and South American pharmaceuticals business.
3M Company (3M) is a diversified technology company with a presence in industrial and transportation; health care; display and graphics; consumer and office; safety, security and protection services, and electro and communications. Shares of MMM traded higher by 1.71% or $1.26/share to $74.86. In the past year, the shares have traded as low as $76.50 and as high as $98.19. On average, 5395940 shares of MMM exchange hands on a given day and today's volume is recorded at 1231349.
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