J&J’s consumer pharmaceuticals valued at $40bn ahead of IPO – Kommersant
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Johnson & Johnson’s (J&J) consumer medicines division, which is being spun off into a separate company, is valued at $40 billion ahead of an IPO due this year. Writes about it The Wall Street Journal (WSJ) citing sources. According to it, the new company is going to raise more than $3.5 billion in IPO. The WSJ also reports that meetings with potential investors will begin this week. J&J declined to comment on this information. Documents for this IPO were filed with the US Securities and Exchange Commission in January.
As the newspaper notes, the placement will be “definitely the largest since the beginning of the year, which has so far been inactive in terms of IPO.” By counting of Ernst & Young, in the first quarter, IPOs raised were down nearly 90% year-over-year to $21.5 billion. 2022 has also been one of the worst years of the past few years in terms of the IPO market.
Last September J&J reported about the intention to spin off the consumer pharmaceuticals division into a separate company called Kenvue. Products and medicines such as Band-Aid patches and the antipyretic Tylenol (paracetamol) will be transferred to the company. Kenvue should be created by the middle of this year.
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