Johnson & Johnson is weighing a potential sale of its DePuy Synthes orthopedics unit, a move that could exceed $20 billion, according to Bloomberg. Large private equity firms are reportedly considering forming a consortium to pursue the asset, though discussions are still in early stages and may not result in a deal. DePuy Synthes, a global leader in hip and knee replacement devices, generated $9.3 billion in sales last year. J&J announced plans in October to separate the unit within 18 to 24 months, signaling openness to alternative transactions if they deliver greater value.

Bloomberg Intelligence estimates the business could be valued at up to $28 billion including debt, positioning a transaction above $20 billion as one of the largest recent sponsor-backed healthcare buyouts. The interest from private equity firms follows their increased confidence in pursuing large-scale healthcare assets, demonstrated by major take-private transactions last year. Acquiring DePuy Synthes would allow sponsors to deploy significant capital into a defensive, cash-generative medical technology platform.

The potential sale represents a significant strategic shift for J&J, which has previously explored spin-offs. The scale of the transaction underscores the unit's value and the strong interest from private equity, though the final outcome remains uncertain. Such a deal would be a major event in the healthcare M&A landscape, attracting significant attention from investors and industry observers.