BD, a global medical technology company, announced that its board of directors has approved a spinoff of its diabetes care business, which will be known as Embecta.
The spinoff to occur April 1, 2022, with the separation of the diabetes care business from the rest of BD and is consistent with the BD's growth strategy and helps sharpen its focus on core innovation priorities.
The separation will also help Embecta attract capital investment, recruit talent and allocate resources and efforts into its unique business development, innovation and product development programs to drive future growth.
Devdalt "Dev" Kurdikor, will become CEO of Embecta.
Upon completion of the distribution of shares, Embecta will be an independent publicly traded company focused on diabetes management, and BD will retain no ownership interest.
In addition, Embecta will be listed on NASDAQ under the ticker symbol EMBC, with stock expected to be traded on April 1, 2022.
Source: Drug Store News