On a highly positive (Post-it) note, Wall Street analysts have cheered 3M's (NYSE:MMM) decision to seek a buyer for its branded-pharmaceuticals business following a period of sluggish sales.

Major analysts such as Morgan Stanley had questioned whether pharma made strategic sense for 3M. The manufacturer has now hired Goldman Sachs (NYSE:GS) to explore "strategic alternatives" for the unit in the first significant strategic move by George Buckley, who was recruited as CEO last December.

AG Edwards (NYSE:AGE) downgraded 3M shares in early March, saying that the multinational company faces a tough challenge in trying to achieve full-year local currency growth of even 5%. Other analysts believe that the company has less operating-margin expansion potential than its peers, and that one of its core businesses -- optical films -- faces mounting challenges.

3M is better-known for consumer brands Scotchgard and Post-it notes. Its branded-drugs unit markets products for dermatology, women's health, and cardiology and respiratory medicine. Key brands include Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal, and Minitran. 3M pharma had sales of about $600 million last year -- 3% of the company's total -- with about two-thirds coming from Aldara, a treatment for genital warts whose performance has disappointed management. Overall, the drugs unit suffered a 17% drop in revenues in the quarter ended Dec. 31.

In explaining why the pharma group is up for sale, 3M cited changes in the U.S. drug industry -- especially the need for broad product pipelines and rising investment spending. 3M plans to keep its core medical manufacturing capability, expanding the unit with the acquisition of a dental products company.

On the low end, analysts have estimated the branded-drugs business could fetch $1 billion. Cheerier estimates put the sale price at around $3.5 billion.

I agree that the sale makes a lot of sense for 3M investors. The move allows 3M to focus on its core strengths, and the branded drugs will be much better marketed by a large pharmaceutical company. I especially like the prospect -- voiced by some analysts -- of using the proceeds for a share buyback.

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3M is a recent Motley Fool Inside Value pick. Lead analyst Philip Durell is always looking for big companies on sale.

Fool contributor David Compton owns none of the stocks mentioned in the article. The Motley Fool has a disclosure policy.