Apollo Explores $20B Deal for J&J’s DePuy Synthes
Synopsis
Apollo Global Management is reportedly pursuing Johnson & Johnson’s DePuy Synthes in a potential deal valued at nearly $20 billion, as J&J weighs a sale against its earlier plan to spin off the orthopedics business.
Apollo Global Management is in talks to acquire Johnson & Johnson’s orthopedics business, DePuy Synthes, in a transaction that could value the unit at nearly $20 billion.
An agreement could be reached within the next several weeks, although J&J could still choose to separate the business through a public-market spinoff.
Several private equity firms have reportedly shown interest in the unit, which develops joint implants and surgical devices.
The potential transaction comes as healthcare assets continue to attract private equity buyers.
American Industrial Partners acquired Avanos Medical for $1.27 billion in April while Blackstone and TPG agreed to acquire women’s health diagnostics company Hologic for more than $18 billion in 2025.
A $9.3 Billion Orthopedics Business
DePuy Synthes generated $9.3 billion in revenue in 2025, making it a significant part of J&J’s healthcare portfolio. However, the business has also faced thousands of lawsuits connected to its hip replacement devices.
J&J began exploring a potential sale earlier this year, with private equity firms emerging as likely buyers. Apollo’s reported interest could therefore provide the healthcare giant with an alternative to its original plan of creating a standalone publicly traded company.
J&J Weighs its Options
J&J announced last year that it planned to separate DePuy Synthes within 18 to 24 months as it focuses more closely on higher-growth areas of healthcare.
Chief Financial Officer Joe Wolk previously said the company was considering several separation options, with a tax-free spinoff as the primary route. He also indicated that J&J remained open to alternatives and had already begun the separation process.
A sale to Apollo would represent a major shift from that proposed path and could rank among the larger private equity transactions in the healthcare sector.
Source: Reuters
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
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