July 15, 2025—Waters Corp. and BD announced a definitive agreement to combine BD’s biosciences and diagnostic solutions business with Waters in a deal valued at approximately $17.5 billion. The combined company will bring together liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions, doubling Waters’ total addressable market to approximately $40 billion.
“We are bringing together complementary portfolios and channels that create an industry-leading life science and diagnostics company,” Tom Polen, chairman, CEO, and president of BD, said in a joint press release from the companies. “We see an incredible opportunity to leverage both companies’ commitments to unparalleled innovation, technology, and commercial presence to serve attractive high-growth end markets, while simultaneously unlocking multiple new growth vectors.”
The transaction is structured as a reverse Morris trust, in which BD’s biosciences and diagnostic solutions business will be spun off to BD shareholders and merged with a wholly owned subsidiary of Waters. The transaction is expected to close around the end of the first quarter of 2026.