“Healthcare conglomerate Johnson & Johnson is set to offload its remaining 9.5% stake in Tylenol maker Kenvue. The sale, which represents about 182.3 million shares and based on Kenvue’s most recent closing price, is estimated to be worth around $3.75 billion. This decision comes a year after J&J spun off its consumer health business to concentrate on its pharmaceutical and medical devices sectors. The shares will be exchanged with Goldman Sachs and J.P. Morgan Securities to offset its debt. Despite the restructuring, Kenvue’s shares have lost 4.6% in value this year, and are down almost 8% from its May 2023 listing price.”
J&J Sells Remaining Stake in Kenvue to Exit Spinoff
