Group 1 - Johnson & Johnson is preparing for a potential sale of its orthopedics unit, DePuy Synthes, which could be valued at over $20 billion [1][2] - The company plans to separate its orthopedics business into a standalone entity within the next 18 to 24 months, marking its second major spinoff in two years [2] - DePuy Synthes generated $9.3 billion in sales in 2025, producing hip, knee, and shoulder implants, as well as surgical instruments [3] Group 2 - Several large private equity firms are considering teaming up to potentially acquire the orthopedics unit, which may also attract interest from rival medical device companies [3] - The CFO of Johnson & Johnson indicated that the separation process is already underway, with a primary focus on a tax-free spinoff, while remaining open to other options [4] - Further material updates on the transaction are not expected until mid-2026 [4]