Johnson & Johnson brand
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Johnson & Johnson‘s consumer health enterprise is valued at $40 billion ahead of its initial public offering later this 12 months, in line with a report by The Wall Street Journal.
The soon-to-be spinoff Kenvue goals to boost $3.5 billion or extra within the offering, folks aware of the matter instructed the Journal.
The newspaper famous that “the share sale can be by far the largest of what to date has been a quiet 12 months for IPOs.”
Kenvue plans to satisfy with potential traders as early as Monday, the sources instructed the Journal.
When requested in regards to the Journal’s report, J&J spokesperson Tesia Williams instructed CNBC, “Unfortunately, I shouldn’t have any info to offer.”
J&J beforehand mentioned it expects to finish the separation from Kenvue by mid- to late 2023.
The consumer staples big has additionally mentioned it can retain majority possession of Kenvue, with plans to trim the remaining of its stake later within the 12 months.
Kenvue’s inventory would commerce on the New York Stock Exchange beneath the ticker KVUE.
J&J unveiled its plan to spin off its consumer health enterprise in late 2021. That division makes Band-Aid bandages, skincare merchandise beneath the manufacturers Neutrogena and Aveeno, ache reduction drug Tylenol and J&J’s child powder.
J&J nonetheless faces hundreds of allegations that its talc child powder and different talc merchandise triggered most cancers.
A federal chapter choose final week halted practically 40,000 talc lawsuits via mid-June. That resolution was half of J&J’s second try to settle talc claims in chapter proceedings.
The short-term maintain will give J&J time to attempt to win court docket approval of its $8.9 billion proposed settlement with plaintiffs within the talc circumstances.
Kenvue will assume talc-related liabilities that come up exterior the U.S. and Canada, in line with its IPO submitting.
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