BD Completes Strategic Merger with Waters Corporation to Enhance Healthcare Solutions

BD Merges Biosciences Diagnostic Solutions with Waters Corporation

Franklin Lakes, NJ – February 9, 2026
In a landmark move, Becton, Dickinson and Company (BD), a prominent player in the medical technology sector, announced today the completion of its merger with Waters Corporation, combining BD's Biosciences Diagnostic Solutions business with the renowned analytical instrument maker. This strategic spin-off, which has been anticipated over the past few months, positions BD for an exciting future in the MedTech landscape.

As part of this merger, BD shareholders will receive approximately 0.135 shares of Waters common stock for every share they held in BD as of February 5, 2026. In addition to this, BD garnered $4 billion in cash from the deal, which will be utilized in various strategic initiatives, including the repurchase of BD common shares and debt repayment. Following the transaction, BD shareholders will collectively hold 39.2% of the combined company's outstanding shares on a fully diluted basis, with a valuation of BD’s Biosciences Diagnostic Solutions pegged at an impressive $18.8 billion based on recent market valuations.

Tom Polen, Chairman, CEO, and President of BD, expressed his enthusiasm about this development, highlighting that the merger symbolizes the culmination of their BD 2025 strategy. This latest maneuver is a part of a broader portfolio refinement undertaken by BD over the past years, which included divestitures of non-core assets and over 20 targeted acquisitions. “With this merger, we are ready to embrace the next chapter of our journey as a dedicated MedTech company focused on advancing healthcare,” said Polen. “Our strategic positioning allows us to take advantage of emerging trends in healthcare such as the rise of AI, smart connected devices, and expanding treatment options in convenient settings.”

In executing its vision, BD is also implementing an ‘Excellence Unleashed’ strategy that aims to enhance its commercial capabilities, drive innovation, and improve quality within operations. With an intent focus on these areas, BD aims to generate sustainable growth in revenue and profitability, enhancing value for its shareholders in the long run.

Moreover, with the completion of this merger, Dr. Claire M. Fraser has joined the Board of Directors of Waters Corporation, bringing her expertise in genomics and molecular diagnostics. She leaves BD after nearly two decades of dedicated service, where she played a significant role in navigating the company through critical transitions. “We appreciate Dr. Fraser’s invaluable contributions to BD, and we wish her all the best in her new role at Waters,” said Polen.

Citi served as the lead financial advisor for BD during this transaction, while Evercore also provided advisory support. Legal counsel was managed by Wachtell, Lipton, Rosen & Katz.

BD’s Commitment to Healthcare Innovation

Established as one of the leading pure-play medical technology companies globally, BD is on a mission to advance healthcare by fostering innovation across its various domains, including essential medical supplies, connected care technologies, biopharma systems, and interventional devices. With more than 60,000 employees worldwide, BD is committed to improving healthcare outcomes through transformative technologies and solutions that optimize clinical operations and enhance patient care.

By working closely with healthcare providers, BD is dedicated to reducing costs, increasing efficiency, and improving accessibility to healthcare services for all. This merger with Waters Corporation represents a significant step in BD's ongoing efforts to enhance its offerings and maintain a competitive edge in the rapidly evolving healthcare landscape. To explore more about BD’s innovations, visit their official website at bd.com, or follow them on LinkedIn and other social platforms for the latest updates.