JSFiddle - React, Tailwind, and code Playground

JavaScript

var str = 'Lorem ipsum dolor sit amet, consectetur adipiscing elit.<p>Morbi a faucibus magna. Donec lacinia, leo eget</p> Pellentesque aliquet luctus lobortis. <p>Morbi a faucibus magna. Donec lacinia, leo eget</p> massa iaculis leo, nec auctor';

var div = $('<div />', {html: str});

div.contents().filter(function() {
    return this.nodeType === 3;
}).wrap('<p />');

var new_str = div.html();

console.log(new_str);