Johnson & Johnson brand
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Johnson & Johnson‘s client well being enterprise is valued at $40 billion forward of its preliminary public providing later this yr, based on a report by The Wall Avenue Journal.
The soon-to-be spinoff Kenvue goals to boost $3.5 billion or extra within the providing, folks acquainted with the matter advised the Journal.
The newspaper famous that “the share sale can be by far the largest of what up to now has been a quiet yr for IPOs.”
Kenvue plans to satisfy with potential traders as early as Monday, the sources advised the Journal.
When requested concerning the Journal’s report, J&J spokesperson Tesia Williams advised CNBC, “Sadly, I wouldn’t have any data to offer.”
J&J beforehand stated it expects to finish the separation from Kenvue by mid- to late 2023.
The patron staples big has additionally stated it can retain majority possession of Kenvue, with plans to trim the remainder of its stake later within the yr.
Kenvue’s inventory would commerce on the New York Inventory Alternate beneath the ticker KVUE.
J&J unveiled its plan to spin off its client well being enterprise in late 2021. That division makes Band-Help 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 precipitated most cancers.
A federal chapter decide final week halted almost 40,000 talc lawsuits by mid-June. That call was a part 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 courtroom 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, based on its IPO submitting.
