Shares of Johnson & Johnson jumped in premarket trading Friday, after the health care giant announced it its splitting itself into two publicly traded companies.

The new companies will be one focused on consumer products, such as Band-Aid bandages and baby powder, and another focused on prescription drugs and medical devices.

Shares of Johnson & Johnson were up 4 percent in premarket trading after the announcement. J&J did not immediately respond to a request for comment.

The news was first reported by the Wall Street Journal.

Johnson & Johnson was already undergoing a major transition, as CEO Alex Gorsky had previously announced that he would be stepping down in January. Joaquin Duato, who was tapped as Gorsky’s successor, will lead the new J&J following the spinoff, the company said Friday. 

The announcement is the second time this week that a major U.S. company has announced a plan to split itself, following General Electric‘s…

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