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A $19.7B acquisition that made J&J a leader in orthopedic trauma devices, folding Synthes's implant portfolio into its medical device arm—yet the tie-up delivered only partial returns, with integration friction and financial performance falling well short of the deal's strategic promise.
J&J / Synthes: Partially Achieved (Score: 47/100)
Full analysis, sources & comparables →J&J acquired Synthes for $19.7B for orthopedic implants and trauma devices.
FTC puts conditions on Johnson & Johnsons proposed acquisition of Synthes, requiring J&J to sell its system for surgically treating serious wrist fractures.
Johnson & Johnson completed the acquisition of Synthes, Inc. on June 14, 2012 for a total purchase price of $19.7 billion in cash and stock, creating the…
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J&J acquired Synthes for $19.7B for orthopedic implants and trauma devices.
J&J / Synthes: Partially Achieved (Score: 47/100)
Assessment window: 5yr post-close.
7M US cases/yr · $28.0B Global Orthopedic Implant Market (2011) · $3.97B Synthes Global Sales (2011)
Synthes was the global leader in orthopedic trauma fixation and spinal implants with $3.97B in 2011 sales. J&J's $19.7B acquisition created DePuy Synthes, the world's largest orthopedic company with >70% US wrist fracture market share.
DePuy Synthes became J&J's largest MedTech division ($9.2B revenue by 2024). Growth challenged by pricing pressure and competition from Stryker/Zimmer Biomet. In 2025, J&J announced plans to spin off DePuy Synthes.
Johnson & Johnson closes acquisition/merger of Synthes Inc. for $19.7B, establishing strategic position and initiating integration.
Strategic Fit: 75/100 | Financial Return: 35/100 | Pipeline Outcome: 40/100 | Integration: 35/100 | Deal Difficulty: 60/100. Partially Achieved overall outcome.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Johnson & Johnson / Synthes Inc. (this deal) | 2011 | $19.7B | 77 |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $9.0B | 96 |
| Johnson & Johnson / Centocor Inc. | 1999 | $4.9B | 92 |
| Johnson & Johnson / Cougar Biotechnology, Inc. | 2009 | $970M | 91 |
| Johnson & Johnson / Actelion Ltd | 2017 | $30.0B | 90 |
| Johnson & Johnson / Aragon Pharmaceuticals Inc. | 2013 | $1.0B | 89 |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $350M | 83 |
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