Johnson & Johnson completed the spin-off of its consumer health business in a $40bn deal.

Johnson & Johnson, an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods, completed the spin-off of its consumer health business in a $40bn deal. "This planned transaction would create two businesses that are each financially strong and leaders in their respective industries. We believe that 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. Importantly, the new Johnson & Johnson and the New Consumer Health Company would remain mission driven companies with exceptional brands, commitments to innovation, and remarkable talent. Each company would carry on the Johnson & Johnson legacy of putting the needs and well-being of the people we serve first," Joaquin Duato, Johnson & Johnson Vice Chairman.