J&J’s Consumer Health Spinout Plan Surprises, But Seen As Sensible
Analysts say the pharma’s plan would separate out a unit with less growth and lower margins – and some predict a further breakup of the pharma and medical device units.
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Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.
The company kicked off the new year with a new CEO, plans to break out consumer health, and a strong financial position, including $32bn in cash and lowest level of net debt in more than four years.
Daily notebook from the virtual J.P. Morgan Healthcare Conference: business development is top of mind for BMS, Merck, J&J and Pfizer, while Novartis, Moderna and Regeneron talk about next steps. Bayer looks to minimize Xarelto patent expiry, a new chief exec debuts for Alnylam and EY suggests 2022 will be another year of bolt-on deals.