It’s official: Embecta Corp. is now one of the largest pure-play diabetes management companies worldwide.
On April 1, Franklin Lakes-based BD announced it completed the spinoff of its former Diabetes Care business, which begins trading Friday on the NASDAQ under the symbol EMBC on a “regular way” basis.
“The completion of this spinoff is a significant achievement for both BD and embecta,” BD Chairman, President and CEO Tom Polen said in a statement. “While BD is proud of its heritage in the diabetes care category, we are just as excited to see our legacy advanced by embecta as a newly independent, publicly-traded corporation. Moving forward, each of our organizations will be able to focus on investment and innovation in our respective core businesses, support our customers and the patients they serve, drive strategic growth and enhance long-term shareholder value.”
The spinoff creates two separate, independent companies. And according to BD, highlights its commitment to the company’s BD 2025 strategy, which identifies three strategic pillars: grow, simplify and empower. Moving forward, each company will focus on its core business and product portfolios, BD said, with that company maintaining its category leadership positions across the BD Medical, BD Life Sciences and BD Interventional segments. embecta, meanwhile, will focus on building up its position as a leading producer of diabetes injection devices.
Shareholders will receive one share of embecta common stock for every five common shares of BD that they held as of the close of business on March 22, 2022, the record date for the spin-off, with cash in lieu of any fractional shares of embecta common stock.
Perella Weinberg Partners LP; Morgan Stanley & Co. LLC Wachtell, Lipton, Rosen & Katz; Skadden, Arps, Slate, Meagher & Flom LLP; Baker McKenzie; and PricewaterhouseCoopers are acting as advisors to BD in connection with the transaction.