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Johnson & JohnsonIn response to a report published by Wall Street Journal.
The upcoming Kenvue spin-off goals to boost $3.5 billion or more within the offering, people aware of the matter told the Journal.
The newspaper noted that “the share sale could be by far the largest of what has been a quiet yr thus far AND AFTERS.”
Kenvue plans to fulfill with potential investors as early as Monday, The Journal sources say.
When asked in regards to the report by The Journal, J&J spokeswoman Tesia Williams told CNBC: “Unfortunately, I haven’t any information to share.”
J&J previously said it expects to finish its separation from Kenvue by mid or late 2023.
The consumer goods giant also said it could retain a majority stake in Kenvue, with plans to cut back the remainder of its stake later within the yr.
Kenvue shares could be traded on the Recent York Stock Exchange under the ticker KVUE.
J&J has revealed a plan to spin off its consumer health business in late 2021. The division produces bandage bandages, skincare products under the Neutrogena and Aveeno brands, pain reliever Tylenol and J&J baby powder.
J&J still faces hundreds of allegations that its baby powder and other talc products cause cancer.
A federal bankruptcy judge last week stopped nearly 40,000 talc lawsuits until mid-June. The choice was a part of J&J’s second try and settle talc claims in bankruptcy proceedings.
The temporary lockdown will give J&J time to attempt to get court approval for a proposed $8.9 billion settlement with plaintiffs within the talcum cases.
Kenvue will probably be suppose talc liabilities that arise outside of the US and Canada, in response to its IPO filing.