Johnson and Johnson consumer health unit Kenvue files for IPO

The filing, for Kenvue to list on the New York Stock Exchange under the ticker symbol “KVUE”, comes more than a year after Johnson & Johnson announced its plan to break up into two companies.

J&J’s pharmaceutical and medical equipment units, which make cancer treatments and surgical tools, had recorded nearly $80 billion in sales in 2021, far ahead of its consumer products revenues.

The consumer unit has also faced nearly 40,000 lawsuits alleging that its baby powder and other talc products contained asbestos later linked to mesothelioma and ovarian cancer in women who used it for personal hygiene. J&J has denied the claims.

J&J’s decision to split up reflected how big, diversified corporations have been under pressure to simplify their structures to increase focus, especially in healthcare. Rival GlaxoSmithKline also recently completed the spin off of its consumer health business.

General Electric’s spun-off healthcare unit, GE HealthCare Technologies, debuted as an independent company on Nasdaq on Wednesday.

Kenvue said J&J will continue to own at least 80.1% of the voting power of the company’s shares upon completion of the offering. Goldman Sachs & Co. LLC and J.P. Morgan are the underwriters for the offering.

Read also: Johnson & Johnson CEO Joaquin Duato elected as new Chairman of Board