Apollo Global Management is in discussions to acquire Johnson & Johnson’s DePuy Synthes orthopedics business. The potential deal is valued at nearly $20 billion.
Bloomberg reports that a final agreement could be reached within weeks. Other bidders may still emerge, and negotiations could potentially collapse.
DePuy Synthes manufactures devices for hip and knee replacements. The division generated $9.3 billion in sales during 2025.
J&J previously announced plans to separate the unit by mid-2027. This transaction would mark Apollo’s largest healthcare investment to date. It would also rank among the largest private equity deals in the healthcare sector.