In what is by far its largest acquisition to date, Johnson & Johnson (J&J) has entered into a definitive agreement to buy the trauma device maker Synthes for approximately US$21.3 B in cash and stock. J&J will pay CHF159 per Synthes share, of which CHF55.65 will be paid in cash and the rest in J&J stock. By merging Synthes with its DePuy family of companies, J&J will attain a dominant position in the rapidly growing orthopaedic devices market.