3M Company MMM and MedImmune – the research and development wing of pharmaceutical company AstraZeneca PlC AZN, recently collaborated for the development of a cancer immunotherapy drug. As per the agreement, MedImmune will be responsible for the clinical development of the drug and hold exclusive rights to it. For this initiative, MedImmune is expected to provide research funding to 3M.
The agreement is based on a molecule called MEDI9197 developed by 3M Drug Delivery as an injectable treatment for head and neck cancer. MedImmune licensed the agent and will hold the exclusive rights to conduct research on new molecules developed through the collaboration with 3M. This molecule can enhance the visibility of a tumor to an individual's immune system and stimulates the body's immune system to attack and destroy tumors.
3M remains focused on inventing new products and maintaining its competitive advantage worldwide. The rise in demand for such innovative 3M product services is likely to augment its overall revenue. The company has various initiatives in place towards improving patient outcomes and sustainability in healthcare. The Healthcare segment of the company provides medical and surgical supplies, skin health and infection prevention products, drug delivery systems, dental and orthodontic products, health information systems, and anti-microbial solutions.
3M, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 70 countries. The company aims to deliver innovative security solutions to businesses and governments worldwide, thus ensuring the security of people and documents.
Moving ahead, 3M continues to exploit dynamic growth opportunities in a broad range of sectors with its flexible product lines, ensuring a continually expanding global footprint.
3M currently has a Zacks Rank #3 (Hold). A couple of stocks that look promising in the industry include Graco Inc GGG and Luxfer Holdings PLC. LXFR, both carrying a Zacks Rank #2 (Buy).
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