COVID-19 vaccine maker Johnson & Johnson splits into two companies – National

Johnson & Johnson is divided into two companies that separate the division that sells Band-Aids and Listerine from its company in the field of medical devices and prescription drugs.

The company said Friday that the move will help improve the focus and speed of each company to address trends in their various industries.

The company, which sells prescription drugs and medical devices, will keep Johnson & Johnson as its name, the company said Friday. This business will include treatments such as Darzalex, Erleada, Imbruvica, Stelara and Tremfya as well as solutions for medical equipment across intervention solutions, orthopedics, surgery and vision.

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GE is divided into 3 public companies with a focus on aviation, healthcare, energy

The prescription drug arm is also one of three Vaccines against covid-19 currently approved for use in the United States.

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The new consumer health company will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnson’s and Band-Aid. It is expected to generate revenue of approximately $ 15 billion for the year. A name was not disclosed for the new company.

“After a comprehensive review, the board and management team believe that the planned separation of the consumer health business is the best way to accelerate our efforts to serve patients, consumers and healthcare professionals, create opportunities for our talented global team, promote profitable growth, and – most importantly “Improve healthcare for people around the world,” said CEO Alex Gorsky in a statement.

The details are sparse, but Johnson & Johnson expects the split to take place within the next two years if approved by the company’s board of directors.

The announcement comes a few days later General Electric said it plans to split into three separate companies.

Click to play video: 'COVID-19: Johnson & Johnson single dose vaccine expected to arrive next week in BC'

COVID-19: Johnson & Johnson single-dose vaccine is expected to arrive next week in BC

COVID-19: Johnson & Johnson single-dose vaccine is expected to arrive next week in BC

The rival drug maker Pfizer Inc, which spun off its consumer health product business in 2019 to help create a joint venture with GlaxoSmithKline.

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Another drug manufacturer, Merck & Co. Inc., slimmed down in June with a spin-off that combined its Organon women’s health unit with its companies that sell biosimilars or near-copies of expensive biological drugs and non-patented former blockbusters like respiratory drugs Singulair and Nasonex.

Shares of Johnson & Johnson rose three percent before the market opened.

© 2021 The Canadian Press


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