Healthcare conglomerate Johnson & Johnson said Wednesday it has agreed to buy the Swiss medical device maker Synthes for $21.3bn in stock and cash.
Buying Synthes would be the biggest acquisition for Johnson & Johnson, giving it a leading position in equipment to treat traumatic injuries and fractures.
The companies entered into a definitive agreement which sees Johnson & Johnson acquiring Synthes for CHF159 per share, according a shared statement on the Synthes website.
Bill Weldon, chairman and CEO of Johnson & Johnson, said: “Orthopaedics is a large and growing $37bn global market and represents an important growth driver for Johnson & Johnson. Synthes is widely respected for its innovative high-quality products, world-class R&D capabilities, its commitment to education, the highest standards of service, and extensive global footprint.”
“The combination presents a significant opportunity to jointly bring our products, services and educational offerings to the next level. Together, we will be a more attractive and exciting company for our employees, and a more resourceful partner for our customers,” said Michel Orsinger, president and CEO of Synthes.