U.S.-based 3M Co. is considering a sale of its drug delivery systems unit, which could fetch roughly $1 billion, Bloomberg News reported Dec. 6, citing people with knowledge of the matter.

The world's largest industrial conglomerate reportedly is working with an adviser to run an auction process for the unit, which makes products including asthma inhalers and skin patches.

The subsidiary is expected to draw interest from private equity firms, according to the report.

3M recently acquired medical technology company Acelity LP Inc. and global Kinetic Concepts Inc. subsidiaries for a total enterprise value of approximately $6.7 billion, including debt assumption and other adjustments.

A representative for 3M reportedly declined to comment.