J&J to Sell Remaining Stake in Kenvue Spinoff

By Dean Seal

Johnson & Johnson plans to unload its remaining 9.5% stake in Kenvue in a public offering set about a year after it started splitting off the Tylenol and Benadryl maker.

Kenvue said Monday that it will launch a secondary underwritten offering for 182.3 million shares that Johnson & Johnson is providing in a debt-for-equity exchange with Goldman Sachs and JP Morgan.

If sold at Friday's closing price of $20.54, the offering would fetch around $3.75 billion.

Kenvue said that Johnson & Johnson will no longer own any of its stock once the offering is completed.

Johnson & Johnson held an initial public offering for Kenvue a year ago and then sold most of its shares in the company in August.

The healthcare giant previously said it wanted to untangle the consumer-health unit's finances and operations from its prescription-drugs and medical device businesses. The effort followed similar moves by Pfizer and Merck, which sold their consumer-health businesses.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 13, 2024 10:06 ET (14:06 GMT)

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