#USA #Milford #Waters Corporation #Becton Dickinson #Biosciences

Waters Corporation's Strategic Merger with BD

On February 9, 2026, Waters Corporation (NYSE: WAT) announced the successful completion of a highly anticipated merger with Becton, Dickinson and Company's (NYSE: BDX) Biosciences and Diagnostic Solutions divisions. This strategic combination is poised to establish a formidable enterprise in the life sciences and diagnostics sectors, uniting world-class technologies and human expertise to enhance global health outcomes.

A New Era for Waters Corporation

As Flemming Ørnskov, Chairman of Waters, noted, this merger reflects a pivotal moment for the company, combining rich histories of innovation from both entities. The new structure will enable Waters to leverage its expansive scientific capabilities across chemistry, biology, and physics while addressing unmet customer needs. With this merger, Waters has also appointed Dr. Claire M. Fraser to its Board of Directors, further enriching its leadership with her acclaimed expertise in genomics and molecular diagnostics.

Dr. Fraser, who previously directed the Institute for Genome Sciences at the University of Maryland, brings over thirty years of industry experience to her new role. Her background in managing large-scale research initiatives is expected to significantly contribute to Waters’ trajectory of growth and value creation in the life sciences field.

Viable Divisions for Targeted Solutions

The merger will result in the formation of four distinct divisions within Waters
1. Waters Analytical Sciences: This division focuses on advanced analytical techniques, product development linked to separations science, and physical molecular characterization, utilizing cutting-edge instruments like liquid chromatography and mass spectrometry.
2. Waters Biosciences: This division is tasked with bolstering capabilities in cellular analysis and sorting. It will include flow cytometry instruments and reagents along with single-cell multiomics solutions.
3. Waters Advanced Diagnostics: As the name suggests, this division is dedicated to high-value diagnostic workflows for clinical applications, providing a breadth of solutions from microbiology to point-of-care testing.
4. Waters Materials Sciences: This section encompasses diverse materials characterization technologies, serving industries such as pharmaceuticals and electronics, and will utilize techniques like thermal analysis and rheology.

Transaction Insights

The combination was structured as a Reverse Morris Trust transaction, enabling BD’s Biosciences and Diagnostic Solutions to spin off and merge with Waters—a strategic financial move designed to maximize shareholder value. Shareholders from Waters now collectively own 60.8% of the newly formed company, while BD shareholders hold 39.2%. They will receive a share exchange with cash in lieu of fractional shares, further aligning the interests of both parties.

Future Outlook

With the merger finalized, Waters is optimistic about addressing increasing customer demands in regulated high-volume testing environments. Udit Batra, President and CEO of Waters, emphasized a clear focus on delivering measurable value to shareholders while fostering innovation through collaborative scientific partnerships to improve health outcomes globally.

Commitment to Innovation

Waters Corporation remains steadfast in its mission to advance science through innovative analytical technologies and customer-centric services. The seamless integration of these divisions not only enhances operational effectiveness but also positions Waters as a leader in improving disease management, food safety, and water quality across the globe.

In conclusion, the merger of Waters and BD’s Biosciences and Diagnostic Solutions signifies a major step towards creating a comprehensive platform for life sciences innovation, ensuring that both entities leverage their respective competencies to drive advancements in healthcare and diagnostics for years to come.