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

Johnson & Johnson has initiated a share exchange offer for its consumer health spin-off, Kenvue. The company plans to split off at least 80.1% of Kenvue's shares as part of the offering, allowing J&J shareholders to exchange their shares for Kenvue shares at a 7% discount. This move brings J&J closer to its goal of focusing on its larger medical devices and pharmaceuticals businesses. J&J shares rose 1% in premarket trading, while Kenvue shares fell 1%.