Waters Corporation will be merging with Becton Dickinson’s Biosciences and Diagnostic Solutions business in a $17.5 billion deal.
The strategic union will form a life sciences and diagnostics leader focused on regulated high-volume testing markets. The equity holders of Waters will retain about 61% of the combined company, with Becton Dickinson’s Biosciences shareholders retaining about 39%. The deal involves a $4 billion cash payment to BD and Waters taking on $4 billion of debt. The deal might be completed by the first quarter of 2026, pending regulatory approvals. The new business will more than double Waters’ total addressable market to about $40 billion, increasing its leadership in bioseparations, bioanalytical characterization, and multiplex diagnostics.
It should reach $6.5 billion in revenue by 2025. The transaction is also expected to boost adjusted earnings per share in the first year. Together with their combined strengths, the new company seeks to drive innovation and serve customers more effectively with broader product portfolios and complementary technologies.
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The two companies both possess rich scientific know-how and broad global presence, which will enable them to address increasing demand for sophisticated diagnostic testing in research institutes, laboratories, and hospitals. The deal is also set to boost operational effectiveness and enable more resources for research and development.
Waters’ Chairman, Dr. Flemming Ornskov, stated, “This deal is a turning point in Waters’ journey as we enter a new phase of growth and value creation.” Waters’ President and CEO, Udit Batra, Ph.D., further commented, “We see great potential to leverage our capabilities immediately and unlock the full potential of the combined franchises.” The combined company will retain the Waters name and have its headquarters continue in Milford, Massachusetts. The combination will advance its leadership in life sciences and diagnostics and accelerate innovation while generating significant value to shareholders.
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Tom Polen, Chairman, CEO and President, BD, said:
“We are bringing together complementary portfolios and channels that create an industry-leading life science and diagnostics company. 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. We couldn’t be more confident that the combined company, under Udit’s leadership, represents the best path to create substantial value for shareholders. Waters offers the right cultural fit for our Biosciences & Diagnostic Solutions associates to flourish and continue their legacy of developing new-to-world, innovative solutions that make a meaningful impact on global healthcare.”
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