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Johnson & JohnsonThe consumer health business is worth $40 billion ahead of its initial public offering later this year, according to a report from The Wall Street Journal.
People familiar with the matter told the magazine that soon-to-be Kinview aims to raise $3.5 billion or more in the bid.
“The stock sale will be by far the biggest of what has yet been a quiet year for IPOs,” the paper noted.
Sources told The Journal that Kinview plans to meet with potential investors as early as Monday.
When asked about the newspaper report, J&J spokesperson Tessia Williams told CNBC, “Unfortunately, I don’t have any information to provide.”
J&J previously said it expected to complete the separation from Kenvue by mid-to-late 2023.
The consumer goods giant also said it would retain majority ownership in Kenvue, with plans to dilute the rest of its stake later in the year.
Kenvue stock will be traded on the New York Stock Exchange under the ticker KVUE.
J&J revealed its plan to spin off its consumer health business in late 2021. This division makes Band-Aid bandages, skin care products under the Neutrogena and Aveeno brands, the pain relief drug Tylenol, and J&J’s baby powder.
J&J still faces thousands of claims that baby powder and other talcum products caused cancer.
A federal bankruptcy judge last week stopped nearly 40,000 lawsuits as of mid-June. This decision was part of J&J’s second attempt to settle talc claims in bankruptcy proceedings.
The temporary suspension will give J&J time to try to get court approval for the proposed $8.9 billion settlement with the plaintiffs in the talc cases.
Kenvue will assume responsibilities related to those originating outside the United States and Canada, according to the IPO filing.