Bloomberg reports that Johnson & Johnson
(NYSE: JNJ)
is getting set to potentially sell its DePuy Synthes Orthopaedics business, eyeing a value of more than $20 billion.
The medtech giant announced in October 2025 that it intended to separate the DePuy Synthes business. It said the separation aims to enhance the strategic and operational focus of each company while driving stakeholder value. Johnson & Johnson MedTech Executive Vice President and Worldwide Chairman Tim Schmid explained the rationale for the separation at DeviceTalks West last fall.
According to J&J, DePuy Synthes would stand as the largest, most comprehensive orthopaedics-focused company with leading market share positions across major categories. The decision comes around two years after J&J put a restructuring plan into place for the business.
Now, according to Bloomberg, “big buyout firms” are ready to pounce on a deal. The report claims that DePuy Synthes’ value could eclipse $20 billion, citing people familiar with the matter. According to the report, the company has preparations underway ahead of meetings with potential buyers. Bloomberg says several large private equity firms could come to the table, even teaming up to buy out the business.
The report also states that medtech companies could make a play for DePuy Synthes, which brought in nearly $9.3 billion in revenue in 2025.
Bloomberg says deliberations remain at an early stage and there is no guarantee of a sale.
A separation for J&J marks the latest big business separation by a major medtech company in recent years. Those include Zimmer Biomet selling its Spine & Dental business, Baxter selling its Kidney business and Medtronic and BD separating their Diabetes businesses.
Meanwhile, private equity continues to make its presence felt in medtech. Recent acquisitions and deals (HistoSonics, Hologic, Owens & Minor, Olympus, Surmodics) highlighting that growing role.
