Following a review of strategic options for its global pharmaceuticals business, 3M Co. has agreed to sell its branded drug business for approximately $2.1 billion in a three-part transaction. Graceway Pharmaceuticals, Inc. of Bristol, TN, will purchase 3M’s pharmaceutical operations in the U.S., Canada and Latin America for $875 million, while Meda AB, a Swedish drug manufacturer, will purchase its European pharmaceutical unit for $857 million. An investment group led by Ironbridge...