According to sources familiar with the matter, Apollo Global Management is in discussions to acquire the orthopaedics business of Johnson & Johnson, primarily comprising its DePuy Synthes division, in a transaction valued at approximately $20 billion. The negotiations have yet to yield a final agreement, and other prospective buyers may still enter the fray.

Apollo is in talks to acquire the business, but the deal remains subject to change. The unit primarily manufactures hip and knee replacement products, as well as surgical instruments used to repair bones and joints. Sources say Johnson & Johnson and Apollo are actively negotiating a sale, though an agreement may still not be reached, and the company could opt for another buyer instead. Neither Johnson & Johnson nor Apollo has publicly disclosed any transaction plans at this time.

Should the deal be finalized at the reported $20 billion price point, it would rank among the larger mergers and acquisitions in the medical device sector. Johnson & Johnson previously unveiled plans to separate its orthopaedics business into a standalone entity.

In October 2025, Johnson & Johnson announced its intention to spin off the orthopaedics operations into an independent company that would continue to operate under the DePuy Synthes name, with a projected timeline of 18 to 24 months to complete the separation. At the time, the company stated it would explore multiple separation pathways. The business generated roughly $9.3 billion in sales during 2025, accounting for less than 10% of Johnson & Johnson's total annual revenue.

Chief Financial Officer Joseph Wolk previously characterized the unit as one with stable growth but not particularly standout performance. Following the separation, Johnson & Johnson's MedTech segment would become more focused on faster-growing areas such as cardiovascular, surgical, and vision care. The potential sale price is remarkably close to what the company originally paid for the business.

In 2012, Johnson & Johnson completed its acquisition of Swiss orthopaedics device manufacturer Synthes for $19.7 billion in cash and stock, subsequently merging it with its DePuy operations to establish DePuy Synthes. Based on the reported $20 billion transaction value, the potential sale price is roughly on par with the company's original acquisition cost, though the business scope, financial performance, and asset composition have evolved considerably since then.

This potential divestiture is also part of Johnson & Johnson's ongoing portfolio reshaping efforts. In 2023, the company completed the spin-off of its consumer health business Kenvue, further shifting its strategic focus toward pharmaceuticals and medical technology.