Johnson & Johnson has agreed to acquire orthopedic device manufacturer Synthes in a cash-and-stock deal worth $21.3 billion, the health care products company’s largest deal to date.

Synthes shareholders will receive a total of $181.30 per Synthes share, comprised of $63 in cash and $117.09 in J&J common stock. The value represents a 22 percent premium over Synthes closing price on April 14.