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News
Apollo Global Management is in talks to acquire Johnson & Johnson's orthopedics unit, DePuy Synthes, in a deal that could be worth nearly $20 billion. J&J could also opt for a public spinoff instead, with several private equity firms circling the unit. A deal could be reached within weeks, reflecting a broader wave of private equity interest in healthcare.
Apollo Global Management is reportedly in advanced talks to acquire Johnson & Johnson's orthopedics division, DePuy Synthes, in a deal that could value the unit at close to $20 billion. According to Bloomberg News, an agreement could be reached within weeks — though J&J is also weighing a public spinoff as an alternative path, with multiple private equity firms said to be interested.
DePuy Synthes, which manufactures joint implants and surgical devices, brought in $9.3 billion in revenue in 2025. However, the unit has also faced thousands of lawsuits related to its hip replacement devices, adding complexity to any deal. J&J had previously announced plans to separate the unit into a standalone company within 18–24 months, with a tax-free spinoff as the preferred route.
By the Numbers:
Why it matters: This potential deal is part of a broader trend of private equity firms making major moves into healthcare. If completed, it would be one of the largest healthcare acquisitions of the year and could reshape the orthopedic device market landscape.
