Johnson & Johnson, in New Brunswick, today completed its acquisition of Swiss medical device manufacturer Synthes Inc. for $19.7 billion in cash and stock.
Synthes will be combined with J&J's medical devices and diagnostics unit to establish the DePuy Synthes Cos. of Johnson & Johnson, the company said in a statement.
In a statement, Johnson & Johnson CEO Alex Gorsky said combining DePuy and Synthes "will enable us to better serve clinicians and patients worldwide, bring new innovations to the marketplace in orthopedics and neurologics, and strengthen our ability to compete in developing markets."
To receive regulatory approval in Europe, J&J agreed to sell the trauma segment of DePuy Orthopaedics Inc. to Biomet Inc. for $280 million. The company announced Wednesday that the acquisition received regulatory approval from the Federal Trade Commission, after it agreed to sell its system for surgically treating wrist fractures to Biomet.
J&J first announced the deal in April 2011 and estimated the purchase price at $21.3 billion. The deal is J&J's largest acquisition to date, including its merger with the consumer health arm of Pfizer Inc. for $16.6 billion in 2006.