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Kenvue, the largest pure-play consumer health company by revenue, is officially on its own following its separation from New Brunswick-based Johnson & Johnson.

The maker of Aveeno, BAND-AID Brand Adhesive Bandages, Johnson’s, Listerine, Neutrogena and Tylenol products announced its first day as a fully independent company Aug. 23 following its May spinoff.

“This is a historic moment for Kenvue and with a singular focus on delivering innovative care solutions to customers and consumers around the world, we’re excited to write the next chapter of consumer health,” said CEO and director Thibaut Mongon in a statement celebrating the milestone.

The same day Kenvue announced its independence, Johnson & Johnson offered final results from its previously announced exchange offer for shareholders. J&J said it accepted nearly 191 million shares of its common stock in exchange for 1.53 billion shares of Kenvue common stock. The offer expired at midnight Aug. 18. According to Kenvue, it was 4.2x subscribed.

Because the exchange offer was oversubscribed, J&J said it accepted only a portion of shares that were validly tendered and not validly withdrawn on a pro rata basis in proportion to the number of shares tendered. Computershare Trust Co. NA served as the exchange agent for the offer while Goldman Sachs & Co. LLP and J.P. Morgan Securities LLC served as dealer managers.

“Johnson & Johnson’s exclusive focus on transformational Pharmaceutical and MedTech solutions enables us to innovate across the full spectrum of health care in ways that no other company can,” said Joaquin Duato, chairman and CEO of Johnson & Johnson. “We are proud of the hard work that has led us to this historic milestone which brings significant value to shareholders and positions Johnson & Johnson to be even more agile, focused and competitive.”

As a result of the exchange, Kenvue said J&J now owns 9.5% of the outstanding shares of Kenvue common stock.

Earlier this week, Marketwatch reported that Kenvue will replace Advance Auto Parts in the S&P 500 beginning Aug. 25.

Temporarily based in Skillman, Kenvue will ultimately establish its headquarters in Summit. In July, the company revealed its second quarter results for 2023, which Mongon described as a strong debut following May’s initial public offering. Net sales were up for Q2 to $4 billion – a 5.4% increase over the prior year period.

In 2022, the company – which serves about 1.2 billion customers worldwide – reported net sales upward of $15 billion.

“Thank you to our passionate teams who have prepared us for this significant milestone and welcome to our new shareholders,” Mongon said. “As the home to some of the world’s most beloved brands, we step into the future as a fully independent company from a position of strength and look forward to all that we will continue to achieve as a global leader in consumer health.”