3M higher after Bloomberg says running auction for drug delivery unit

3M is exploring a sale of its drug delivery systems unit, which could be worth about $1B, Bloomberg reports, citing people with knowledge of the matter. Sources told Bloomberg that the company working with an adviser to run an auction process for the business that makes asthma inhalers and skin patches. The unit, which had $300M in sales in the first nine months of 2019, is likely to draw interest from private equity firms, the sources add. Shares of 3M are up 4%, or $6.87, to $171.24 in morning trading.