J&J spinoff Kenvue prices IPO at $22, toward the top end of expected range
Publishing timestamp: 2023-05-03 12:38:40
Summary
Johnson & Johnson's consumer health business, Kenvue, is expected to go public this week in the largest U.S. IPO in over a year. Kenvue priced its IPO at $22 per share, towards the high end of its range, making the new company valued at around $41 billion. The spinoff is part of J&J's restructuring efforts to focus on its pharmaceutical and medical device divisions. Kenvue is profitable and expects modest growth, with a global footprint and a diverse product portfolio. However, J&J faces thousands of allegations related to its talc products causing cancer, which Kenvue will assume liabilities for outside the U.S. and Canada.
Sentiment: NEUTRAL
Tickers: JPM, BAC, JNJ, KVUE, GS,
Keywords: pharmaceuticals, business news, business, breaking news, ipo, breaking news: markets, health care industry, breaking news: business, markets, biotech and pharmaceuticals, kenvue inc, johnson & johnson, new york stock exchange, biotechnology, united states,
Source: https://www.cnbc.com/2023/05/03/jj-kenvue-ipo-what-to-know.html