BD (NYSE:BDX) announced today that the planned spinoff of its diabetes business — named Embecta (Nasdaq:EMBC)— has been made official.

Franklin Lakes, New Jersey-based BD announced its intention to spinoff the diabetes business in May 2021. Near the end of 2021, it unveiled the soon-to-be independent, publicly-traded company’s name as “Embecta,” with plans to complete the spinoff during the first half of this year.

BD said the separation of the diabetes business from the rest of the company is consistent with its growth strategy and enhances the ability of Embecta to attract capital investment, recruit talent and allocate resources.

Embecta’s focus centers around the production of diabetes injection devices, with investment to come in organic and inorganic growth opportunities to improve the lives of those with diabetes, according to a news release.

BD said the name “Embecta” represents the future company’s commitment to helping those with diabetes while paying homage to its corporate heritage. The “em-” prefix refers to empathy for those living with diabetes, while the “bect” embeds part of the Becton Dickinson name into BD’s spinoff.

The company’s board of directors approved the Embecta spinoff in February and today’s completion of the move falls in line with the timeline provided by BD. The spinoff demonstrates BD’s commitment to its “2025 strategy” to create two independent companies with attractive long-term value for shareholders and enhanced strategic, operational and financial characteristics.

Now that the spinoff is complete, each BD shareholder will receive one share of Embecta stock for every five shares of BD common stock held as of the close of business on March 22. BD retains no ownership interest in Embecta, which has begun “regular way” trading on the Nasdaq market today.

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.

“The completion of this spinoff is a significant achievement for both BD and Embecta,” BD Chairperson, CEO and President Tom Polen said in the release. “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.”