Johnson and Johnson to acquire Synthes

Johnson and Johnson has announced the takeover of the medical technology manufacturer Synthes for around $21.3 billion (12.89 billion pounds).

The boards of directors of both companies have approved the planned acquisition, which will close during the first half of 2012.

Once complete, the merger will see Synthes' operations combined with Johnson and Johnson's DePuy division, creating one of the largest and most diverse orthopaedics-focused businesses in the world.

By bringing together the organisations' pipelines and leadership teams, the merged entity will be able to better serve the needs of patients in this growing market.

Bill Weldon, chairman and chief executive officer of Johnson and Johnson, said: "Synthes is widely respected for its innovative high-quality products, world-class research and development capabilities, its commitment to education, the highest standards of service and extensive global footprint."

The acquired company saw an 8.6 percent growth in global revenue in 2010, reaching a total of $3.69 billion.