Johnson & Johnson is in advanced talks to sell its DePuy Synthes orthopedics unit to Apollo Global Management. The transaction is valued at nearly $20 billion. Parties could reach an agreement within weeks, though J&J may still pursue a public spin-off.
The divestiture follows J&J's strategy to focus on pharmaceuticals and high-growth medical devices. DePuy Synthes manufactures hardware for hip and knee replacements.
The unit generated $9.3 billion in sales in 2025. This deal would mark one of the largest private equity buyouts in the healthcare industry.