Johnson & Johnson (NYSE:JNJ) is becoming the Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) of health care. In addition to its usual M.O. of bolt-on acquisitions, the health-care giant has recently taken some equity stakes in smaller drug companies.

In July, J&J took an 18.4% stake in Elan (NYSE:ELN) via its acquisition of half of Elan's Alzheimer's drug program. Now it's picking up an 18% stake in Crucell (NASDAQ:CRXL), as part of a collaboration deal to develop flu vaccines and treatments for other infections.

I like both moves. Elan was fairly desperate for cash, allowing Johnson & Johnson to get a good deal. And while vaccines may not be sexy, they are a nice moneymaker for pharmaceutical companies. Crucell was being courted by Wyeth earlier this year, until it broke off talks when Pfizer (NYSE:PFE) announced its intention to buy Wyeth.

Johnson & Johnson isn't the only drug company taking stakes in smaller partners: Novartis (NYSE:NVS) has bought shares in Roche, Alnylam Pharmaceuticals, and Alcon. Even small BioMarin Pharmaceutical took a stake in even smaller La Jolla Pharmaceutical.

But what makes Johnson & Johnson so much like Buffett is the value-investing mentality. Last year, for instance, it picked up both Mentor and Omrix Biopharmaceuticals after investors had cast them off.

As Johnson & Johnson continues to generate free cash flow every quarter, I expect it'll maintain the tradition of stellar acquisitions and equity investments.

Of course, Buffett owns shares of J&J, so perhaps we should just call Berkshire Hathaway the Berkshire of health care -- even if Buffett doesn't care about the details of the industry.