Johnson & Johnson (JNJ) will spin off at least 80.1% of its shares in consumer health company Kenvue (KVUE) through an exchange offer, the com✃pany🍬 said Monday.

J&J shareholders will have the choice to exchange all, some, or none of their common stock shares with Kenvue's shares at a 7% discount.

Johnson & Johnson owned about 90% of Kenvue shares before launching the exchange offer. Kenvue was Johnson & Johnson's Consumer Health business before it was separated through an 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) in May as part of a strategic decision to make both companies more agile and create long-term value for their respective shareholders.

In the IPO filing, J&J had agreed not to distribute shares for 180 days after the 澳洲幸运5官方开奖结果体彩网:prospectus was filed in April without the consent of the lead underwriters, Goldman Sachs and JPMorgan🍌 Securities.

J&J and Kenvue both reported better-than-expected results for the second quarter, as demand for J&J's medtech products rose and consumer spending on Kenvue's brands like Band-Aid and Tylenol proved resilient. For Kenvue, it was the first quarterly earnings report since its IPO.

Shares of Kenvue slipped about 0.3% in early trading on Monday following the announcement and were down about 11% year-to-date, while Johnson & Johnson shares were up about 1.7% and up 5.8% for the year so far.