Becton's Biosciences And Diagnostics Arm Slated To Join Waters In $17.5 Billion Merger

Becton, Dickinson and Company (NYSE:BDX) has agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corporation (NYSE:WAT).

The agreement is structured as a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. The transaction is expected to close around the end of the first quarter of calendar year 2026.

Biosciences segment offers immunology and cancer research solutions and related clinical diagnostics, including flow cytometry instruments, reagents, and multiomics tools.

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Diagnostic Solutions offers microbiology and infectious disease diagnostics, including molecular diagnostics, cervical cancer screening, microbiology automation, and point-of-care offerings.

For calendar year 2025, BD’s Biosciences & Diagnostic Solutions business is expected to generate revenue of approximately $3.4 billion and adjusted EBITDA of approximately $925 million.

Financial Benefits

The transaction is expected to create approximately $200 million of cost synergies by year ...