J&J looking to offload orthopedics unit in $20B deal to Apollo: Bloomberg

MedTech J&J looking to offload orthopedics unit in $20B deal to Apollo: Bloomberg By Ben Adams Sep 14, 2026 8:40am Johnson & Johnson Apollo Global Management Devices Diagnostics Johnson & Johnson is nearing a $20 billion deal to sell off its unwanted hips-and-knees business DePuy Synthes to private equity firm Apollo Equity Management. That’s according to reports from Bloomberg News citing “people familiar with the matter.” J&J did not immediately reply to Fierce’s request for confirmation of the talks. “An agreement could be reached within several weeks, though the talks could still end without one, or another bidder could emerge,” the people told Bloomberg.

They said J&J could also spin off the business via an IPO. Related J&J move to spin off orthopedics unit is 'all about shrinking to grow faster,' exec says The medtech giant revealed last October that it was seeking to separate its orthopedics business, transforming it into a standalone company. At the time it saw the separation happening within 18 to 24 months.

This comes now 15 years after J&J revealed its $21 billion buyout of Synthes, which was then its largest-ever acquisition, and 28 years after it picked up DePuy in a $3.5 billion purchase. In 2024, J&J’s orthopedics business generated sales of $9.2 billion, accounting for more than 10% of the company’s revenue and 29% of the sales in its Medtech sector. Sales barely moved up in 2025, however, with the unit bringing in $9.3 billion last year.

The orthopedics unit produces implants for hip, knee and shoulder replacement, along with surgical instruments and other products. Competitors in the space include Stryker and Zimmer Biomet. J&J’s move reflects an industry trend as several other biopharma companies—including Novartis, Sanofi, GSK, Merck and Pfizer—have spun off non-core business units over the last several years to become pure-play medicine innovators.

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