Healthcare company Johnson & Johnson (J&J) (NYSE:JNJ) announced on Thursday that it will discontinue its talc-based baby powder around the world from next year.

The product has already been withdrawn from the US market.

J&J reiterated its view that decades of independent research shows the product is safe to use, does not contain asbestos, and does not cause cancer.

The company is facing legal action from thousands of women who allege its talcum powder caused them to develop ovarian cancer.

J&J said it had made the commercial decision to transition to cornstarch-based baby powder.