03:56 AM EDT, 05/15/2024 (MT Newswires) -- Kenvue ( KVUE ) said Tuesday that it priced a secondary underwritten public offering of about 182.3 million shares of its common stock at $20 per share.

The company said it is not directly selling shares of its common stock and will not receive any proceeds from the offering, which is expected to close on Friday.

In connection with the offering, Johnson & Johnson ( JNJ ) is expected to exchange the shares for its indebtedness held by Goldman Sachs & Co. LLC and J.P. Morgan, after which they plan to sell the shares to the underwriters.

Once the offering is complete, Johnson & Johnson ( JNJ ) will no longer own any shares of Kenvue's ( KVUE ) common stock.

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