强生与Smith & Nephew骨科合并谈判破裂：合并后由谁掌舵成最后分歧
伦敦——据路透社报道，强生公司（Johnson & Johnson）与英国医疗器械商 Smith & Nephew 就合并双方骨科业务的谈判在最后时刻破裂，分歧焦点是合并后新公司的首席执行官人选：强生希望由其骨科业务负责人、前 Smith & Nephew 首席执行官 Namal Nawana 出任，Smith & Nephew 则坚持由现任首席执行官 Deepak Nath 掌舵。两家公司均拒绝置评。
合并若成行，将把强生的髋、膝关节置换业务 DePuy Synthes 与 Smith & Nephew 的骨科产品线合为一家独立上市公司。强生该部门估值最高可达 220 亿美元，Smith & Nephew 当前市值约 94 亿英镑（约 125.8 亿美元）。强生已于 2025 年 10 月宣布计划分拆 DePuy Synthes，并曾为其寻求约 200 亿美元的估值。
骨科市场竞争激烈，Stryker、Zimmer Biomet 等厂商都在扩大髋膝关节业务。分析人士认为，治理结构与管理层安排已成为大型医疗并购成败的关键变量。（GSM 据路透社）
来源：GSM·美国
Johnson & Johnson and Smith & Nephew Orthopedics Merger Talks Collapse Over Who Would Lead the Combined Company
LONDON — Talks between Johnson & Johnson and British medical-device maker Smith & Nephew to merge their orthopedics businesses collapsed at the last moment over who would lead the combined company, Reuters reported. Johnson & Johnson wanted Namal Nawana, the head of its orthopedics business and a former Smith & Nephew chief executive, to run it; Smith & Nephew insisted its current chief executive, Deepak Nath, should be in charge. Both companies declined to comment.
The deal would have combined Johnson & Johnson's DePuy Synthes hip and knee replacement business with Smith & Nephew's orthopedics lines into a separate listed company. Johnson & Johnson's unit has been valued at as much as $22 billion, while Smith & Nephew's market value is about £9.4 billion ($12.58 billion). Johnson & Johnson announced in October 2025 that it planned to spin off DePuy Synthes and had explored a valuation of around $20 billion for it.
Competition in orthopedics is intense, with Stryker, Zimmer Biomet and others expanding their hip and knee businesses. Analysts say governance and leadership arrangements have become a decisive variable in large medical-device deals. (GSM, based on Reuters reporting)
Source: GSM · America
来源：GSM·美国（原文链接）
图片来源：膝关节假体植入术后X光片（资料图）。照片：Mikael Häggström，CC0，经 Wikimedia Commons。 / Postoperative X-ray of an implanted knee prosthesis (file photo). Photo: Mikael Häggström, CC0, via Wikimedia Commons.
