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The healthcare company will separate its consumer health business into a new publicly traded company and is aiming to complete the planned separation in 18 to 24 months, it said in a statement.
J&J will retain its pharmaceuticals and medical device units, which sells drugs such as cancer treatment Darzalex. The units are expected to generate revenue of roughly $77 billion in 2021.
Shares of the company rose 5% before the bell.
