Synthes announces Johnson & Johnson merger
A merger has been announced by Synthes and Johnson & Johnson.
Business negotiations have resulted in a merger between orthopaedic specialist Synthes and healthcare giant Johnson & Johnson.
The two parties have announced the signing of a "definitive" agreement, which will see them co-operate in creating the "world's most innovative and comprehensive" orthopaedics business.
Merger and acquisition advisors settled for an approximate net acquisition cost of $19.3 billion (£11 billion).
Commenting on the deal, Michel Orsinger, president and chief executive of Synthes claimed his organisation shares Johnson & Johnson's goal of delivering patient care of the "highest possible" quality.
"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," he said.
Earlier in the month, Synthes revealed that it had been engaged in business negotiations with the healthcare firm, although