Shares of 3M Co. MMM, +3.75% ran up 3.8% in midday trading Friday, enough to pace the Dow Jones Industrial Average's DJIA, +1.25% gainers, after Bloomberg reported that the consumer and industrial products conglomerate is exploring the sale of its drug delivery systems business. 3M's stock price gain of $6.
28 was adding about 43 points to the Dow, which was up 329 points. The Bloomberg report, which cited people with knowledge of the matter, said the drug delivery business, which makes inhalers, skin patches and microneedles, could be valued at about $1 billion. 3M's stock has lost 10.4% year to date, while the Dow has climbed 20.1%.
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