April 24, 2023: According to The Wall Street Journal, Johnson & Johnson’s consumer health business is worth $40 billion ahead of its starting public offering.
The very soon spinoff Kenvue is aiming to increase $3.5 billion or more in the offering, people known with the matter told the Journal.
The newspaper stated that “the share sale would be the biggest of a quiet year for IPOs.”
Kenvue is looking to meet with future investors as early as Monday, the reports told the Journal.
When questioned about the Journal’s document, J&J spokesperson Tesia Williams stated, “Unfortunately, I do not have any information to provide” further stated.
J&J previously said it anticipates finishing the separation from Kenvue by mid-to-late 2023.
The huge consumer staples have also said it will retain majority ownership of Kenvue, with ideas to trim the rest of its stake in the year.
Kenvue’s stock trading on the New York Stock Exchange under the ticker KVUE.
J&J is revealing its plan to spin off its consumer health business in 2021. That division has created Band-Aid bandages, skin care outcomes under Neutrogena and Aveeno brands, pain relief drug Tylenol and J&J’s baby powder.
J&J still faces allegations that its talc baby powder and different talc products caused cancer.
The federal bankruptcy judge halted nearly 40,000 talc lawsuits through mid-June the previous year. That decision was part of J&J’s next attempt to settle talc shows in bankruptcy proceedings.
The temporary hold will give J&J time to win court acceptance of its $8.9 billion proposed compromise with plaintiffs in the talc cases.
Kenvue will assume talc-related liabilities that increase outside the U.S. and Canada, its IPO filing showed.
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