1/30, 5:51 PM (Source: TeleTrader)
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J&J talc unit's bankruptcy petition in US dismissed

A United States appeals court dismissed the bankruptcy petition filed by Johnson & Johnson's talc unit, hinting claims against the company's talc products could reach court.

The Third Circuit Court of Appeals ruled on Monday the pharma giant can't use bankruptcy to shield itself from talc lawsuits. In 2021, J&J introduced a plan known as the "Texas two-step" bankruptcy scheme to deal with tens of thousands of injury cases alleging its talc-based baby powder causes cancer.

J&J's stock tumbled 2.88% to $163.36 a share at 11:51 am ET following the news.

Baha Breaking News (BBN) / ND