J&J Launches Share Exchange Offer for Kenvue Spin-off

Johnson & Johnson has launched an exchange offer for its stockholders to opt for shares of Kenvue, its newly listed consumer health unit. The offering will help J&J move closer to its plan of spinning off the unit and focusing on its larger medical devices and pharmaceuticals businesses. Shareholders can exchange their shares for Kenvue shares at a 7% discount. Kenvue, with a market capitalization of about $46 billion, recently forecasted strong profit for this year.