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Johnson & Johnson‘s consumer health business is valued at $40 billion ahead of its primary public offering later this year, according to a report by The Wall Street Journal.
The soon-to-be spinoff Kenvue purposes to raise $3.5 billion or more in the offering, people familiar with the matter told the Journal.
The newspaper well-known that “the share sale would be by far the biggest of what so far has been a quiet year for IPOs.”
Kenvue plans to link up with prospective investors as early as Monday, the sources told the Journal.
When asked about the Journal’s narrative, J&J spokesperson Tesia Williams told CNBC, “Unfortunately, I do not have any information to provide.”
J&J previously said it expects to done the separation from Kenvue by mid- to late 2023.
The consumer staples giant has also said it will retain womanhood ownership of Kenvue, with plans to trim the rest of its stake later in the year.
Kenvue’s stock would transact on the New York Stock Exchange under the ticker KVUE.
J&J unveiled its plan to spin off its consumer health business in current 2021. That division makes Band-Aid bandages, skin care products under the brands Neutrogena and Aveeno, despair relief drug Tylenol and J&J’s baby powder.
J&J still faces thousands of allegations that its talc baby capacity and other talc products caused cancer.
A federal bankruptcy judge last week halted nearly 40,000 talc lawsuits into done with mid-June. That decision was part of J&J’s second attempt to settle talc claims in bankruptcy proceedings.
The temporary purchase will give J&J time to try to win court approval of its $8.9 billion proposed settlement with plaintiffs in the talc containerizes.
Kenvue will assume talc-related liabilities that arise outside the U.S. and Canada, according to its IPO filing.