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Johnson & Johnson (NYSE:JNJ) on Monday gave more details about its previously announced plans to split off shares of consumer health unit Kenvue (NYSE:KVUE) through an exchange offer to shareholders.
Kenvue (KVUE), which made its public debut in May 2023, traded lower on Thursday when the healthcare giant first announced the move.
Per the terms, JNJ (JNJ) will offer at least 80.1% of its Kenvue (KVUE) stake or up to 1.5 billion shares in exchange for Johnson & Johnson common stock. The final exchange ratio of the offer has yet to be determined.
The company currently has an 89.6% ownership in Kenvue (KVUE), and the exchange offer is expected to increase its focus on the pharmaceutical and MedTech segments, CEO Joaquin Duato said.
"We believe now is the right time to distribute our Kenvue shares, and we are confident that a split-off is the appropriate path forward to bring value to our shareholders," he added.
The exchange offer is voluntary for investors and is expected to close on August 18, 2023.
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