(Reuters) – Johnson & Johnson said on Thursday it has agreed to retain all talc-related liabilities arising from litigation in the United States and Canada and will “indemnify” newly formed consumer health unit Kenvue for all costs.
The statement came after the Financial Times reported earlier in the day that Kenvue had been named in claims that its talc could cause cancer.
Kenvue had been named in at least seven talc lawsuits filed since early April, according to the paper, which cited regulatory filings and people familiar with the matter.
“As it has clearly and unequivocally stated, Johnson & Johnson has agreed to retain all talc-related liabilities – and indemnify Kenvue for all costs – arising from litigation in the US and Canada. Any suggestion to the contrary is false and misleading,”; said Erik Haas , vice president of litigation, Johnson & Johnson, in a statement.
The news comes as J&J seeks a valuation of up to $42.95 billion for Kenvue in its IPO.
Earlier this month, J&J agreed to pay $8.9 billion to settle tens of thousands of lawsuits alleging that talc in its iconic Baby Powder and other products caused cancer, exceeding the company’s original offer of $2 billion.
J&J has claimed that its talc products are safe and do not cause cancer.