(Reuters) – Tylenol maker Kenvue said on Monday that Johnson & Johnson will offload its entire 9.5% stake in the company, about a year after the healthcare conglomerate spun off and listed its consumer health business.
Shares of Kenvue fell nearly 4% in premarket trading.
Based on the stock’s last close, the offering would be worth about $3.75 billion, according to Reuters calculation.
(Reporting by Leroy Leo in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)
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