The unit, which makes products for pathogen testing and allergen detection, could fetch about $3.5 billion (£2.75 billion), the report said.
3M said it does not comment on rumors or speculation.
The company missed Wall Street estimates for second-quarter profit and revenue in July as demand across its business units plunged due to the coronavirus crisis.
Its shares have fallen about 8% so far this year.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni
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