Apollo Bids Near $20B for JNJ's Orthopedics Unit

Johnson & Johnson's orthopedics business, DePuy Synthes, is at the center of talks between Apollo Global Management and JNJ. People familiar with the discussions told Bloomberg that Apollo is working toward a valuation of close to $20 billion for the unit.

The talks remain private and may not produce a transaction, according to Bloomberg. However, if successful, it would be one of the largest deals in the medtech sector this year.

DePuy Synthes makes implants and instruments for hip, knee, shoulder, trauma, and spine procedures and generated about $9.3 billion in 2025 sales. J&J has said a standalone DePuy would be the world's largest dedicated orthopedics company.

The business is profitable but growing more slowly than other lines J&J wants to emphasize after recent acquisitions. The company announced its intention to separate the orthopedics business in October 2025, with a completion date set for 2027.