In a strategic play poised to reshape the diagnostics and life sciences landscape, Waters Corp. and Becton Dickinson and Co. (BD) announced Monday that they will combine BD’s Biosciences and Diagnostic Solutions unit with Waters in a $17.5 billion deal structured as a Reverse Morris Trust — a tax-savvy maneuver frequently used in corporate spinoffs.
The merged company is projected to generate $6.5 billion in revenue by 2025, cementing its position as a global leader in diagnostics, biotech tools, and life sciences instrumentation.
A Union of Complementary Strengths
Waters, known for its high-precision analytical instruments used in pharma, biotech, and life sciences, will absorb BD’s unit, which includes solutions for cancer research, immunology, and infectious disease diagnostics.
“We are bringing together two pioneering organizations… driven by strong R&D and customer focus,” said Waters CEO Udit Batra, who will lead the combined entity.
This marks a bold expansion into regulated diagnostics for Waters, effectively doubling its addressable market to $40 billion, while extending its global footprint and capabilities.
