BD (NYSE:BDX) announced today that it still expects the spinoff of its diabetes business — named Embecta — to complete on April 1.
Franklin Lakes, N.J.–based BD announced in May 2021 that it intended to spin off its diabetes care business as an independent, publicly-traded company during the first half of 2022, and in December 2021, it unveiled the name of the new business as “Embecta.”
BD’s board approved the Embecta spinoff last month, concluding that the separation of the diabetes business from the rest of BD is consistent with the company’s growth strategy and enhances the ability of Embecta to attract capital investment, recruit talent and allocate resources.
The company set a record date of March 22, 2022, for the distribution of shares of Embecta common stock. 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 once the spinoff completes.
“When issued” trading of Embecta common stock is expected to begin today under the “EMBCV” ticker, with “regular trading” of Embecta common stock set to commence on April 1 under the “EMBC” ticker on the Nasdaq market.
BD shareholders don’t need to take any action to receive the shares of Embecta common stock distributed through the spinoff.