Johnson & Johnson announced plans on Friday to separate its consumer health division from the rest of the company, spelling the end of the last great pharmaceutical conglomerate.

The split will create one of the world’s larger consumer healthcare companies, while the stay-behind company will still be the largest healthcare company in the world. The news comes two months before a planned CEO transition, when longtime Johnson & Johnson executive Joaquin Duato is set to succeed Alex Gorsky in the top post.

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