spinoffs have historically generated nice returns for investors. Big scores include PayPal Holdings (ticker: PYPL), which is up sevenfold since it was spun off by eBay (EBAY) in 2015. More recently, Carrier Global (CARR), the maker of air-conditioning equipment, has seen its shares triple, to $46, since it emerged a year ago from United Technologies when it merged with Raytheon. (Barron’s spotted Carrier’s potential in an April 2020 article.)Spinoffs can allow companies to showcase high-growth businesses like PayPal or permit smaller businesses to flourish on their own. Organon (OGN), which Merck (MRK) jettisoned this past week, could be another winner. This is a classic spinoff situation. Organon is a group of noncore Merck businesses—off-patent drugs sold mainly overseas, biosimilars, and a women’s health business—that may fare better as an independent company.