Johnson & Johnson plans to split into two companies, separating its consumer health division that sells Band-Aids and Baby Powder from its pharmaceuticals and medical devices business in the biggest shake-up in its 135-year history. Johnson & Johnson said it will separate its consumer health business into a new publicly traded company echoing a move by rivals GlaxoSmithKline plc and Pfizer Inc which plan to spin off their joint consumer health business next year. Germany’s Merck KGaA sold its consumer health unit to Procter & Gamble Co in 2018. “The new Johnson & Johnson and the new consumer health company would each be able to more effectively allocate resources to deliver for patients and consumers, drive growth and unlock significant value,” said Joaquin Duato, who is expected to become J&J’s chief executive officer in January. Johnson & Johnson will retain its pharmaceuticals and medical device units, which sells its COVID-19 vaccine, drugs such as cancer treatment Darzalex and medical devices.

Source: Indian Express November 12, 2021 23:31 UTC