Johnson & Johnson announced on Friday its plans to split into two public companies, with one centered on drugs and medical devices and another concentrated on consumer products. ADVERTISEMENTThe other faction will involve consumer health products, including four $1 billion megabrands and 20 brands valued at $150 million or more. Alex Gorsky will serve as the executive chairman of Johnson & Johnson and Joaquin Duato will move to be the CEO, starting in January, the company previously announced. Johnson & Johnson follows in the footsteps of other rivals such as Pfizer, which is launching a joint consumer health business with GlaxoSmithKline in 2022. A subsidiary created by Johnson & Johnson to hold claims related to the lawsuits filed for bankruptcy earlier this year.

Source: Los Angeles Times November 12, 2021 22:15 UTC