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Mergers & AcquisitionsMediumUpdated•Originally published 21 September 2026•Updated 22 September 2026•
2 min read

Apollo in Talks for J&J Orthopedics Unit at Nearly $20 Billion, Reports Say

Key Facts

1Apollo is reportedly discussing a valuation close to $20 billion for DePuy Synthes.
2J&J targeted completion of the separation within 18 to 24 months of its October 14, 2025 announcement.
3The unit generated about $9.2 billion in 2024 sales and serves approximately 7 million patients in a market exceeding $50 billion.
4JNJ closed at $269.47 on September 21, 2026, within a $268.50-to-$273.73 range.

Bloomberg News reported that Apollo Global Management is in talks to acquire Johnson & Johnson’s DePuy Synthes orthopedics unit at a valuation close to $20 billion. Reuters corroborated the report, but neither J&J nor Apollo confirmed the discussions and no definitive agreement has been announced.

J&J announced on October 14, 2025 that it intended to separate the orthopedics business and would explore multiple paths to complete the process within 18 to 24 months. That corrects the original article’s erroneous late-2025-to-early-2026 timetable.

The company said DePuy Synthes generated about $9.2 billion in 2024 sales and serves approximately 7 million patients in a global market exceeding $50 billion. The separation is intended to shift J&J’s medical-technology portfolio toward higher-growth, higher-margin markets.

The financial mechanics differ between a sale and a spin-off: a sale would give J&J cash that could be reinvested, used to reduce debt or returned to shareholders, while a spin-off would give shareholders ownership in a standalone company. The higher-value route cannot be determined without the final price, debt, taxes and use of proceeds.

JNJ closed at $269.47 on September 21, 2026 after trading between $268.50 and $273.73 during the session, according to EL7 data. One session does not establish $268.50 as technical support or show that the share move was caused by the deal report.

Reports said an agreement could emerge within weeks, but warned that the talks could end or another bidder could appear. If J&J pursues a spin-off instead, completion would remain subject to board approval, regulatory requirements and other conditions identified by the company.