Johnson & Johnson to Split Into Two Companies; Shares Rise (1)

Johnson & Johnson shares jumped after the maker of cancer treatments, mouthwash and Tylenol said it will break itself up into two public companies, one focused on drugs and medical devices, and the other on consumer products.

The health-care giant will split off its consumer division in 18 to 24 months, the company said in a statement. The consumer unit has been beset by lawsuits involving products such as baby-powder, which has been linked to ovarian cancers in some users. The shares gained 4% in trading before U.S. markets opened.

The company didn’t outline financial terms of the ...