3M Co. has agreed to sell the majority of its drug delivery business to an affiliate of Altaris Capital Partners LLC for $650 million.

The Maplewood-based global giant on Thursday announced the deal, which involves the transfer of about 900 employees to Altaris. The deal excludes the transdermal drug delivery business.

What is included in the sale is a business with about $380 million in annual revenue. The unit partners with pharmaceutical and biotech companies on new drug delivery products such as inhalers, micro-needles and other technologies.

“This transaction will allow us to focus more resources on our core health care business, as well as retain a share in the value of the drug delivery business as it grows over the coming years,” said 3M CEO Mike Roman in a statement.

The divestiture is the latest division shed after 3M determined it no longer fit within the company’s shifting “core business” model or because it needed the money to fund larger acquisitions such as its $6.7 billion Acelity purchase in October, the $2.5 billion purchase of Capital Safety in 2015 or the $2 billion purchase of Scott Safety in 2017. In recent years, the $33 billion 3M has sold its bullet-resistant helmet and body armor business, its gas- and flame-detection business, its fiber-optics telecommunications business and its passport and identity business.

The $650 million sale price includes cash, an interest-bearing security and a 17% non-controlling interest in the new company that Altaris Capital is creating. Provided regulatory hurdles are met, the deal is expected to close in the first half of 2020, officials said.

3M said it expects to realize a gain of 45 to 50 cents per share from the transaction once it is completed.