Milford, MA — In a landmark move that reshapes the life sciences landscape, Waters Corporation (NYSE: WAT) and BD (Becton, Dickinson and Company) (NYSE: BDX) have announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions business with Waters in a $17.5 billion Reverse Morris Trust transaction.
The transformational deal is set to double Waters’ total addressable market to approximately $40 billion, bringing together best-in-class technologies in liquid chromatography, mass spectrometry, flow cytometry, and diagnostics.
“Waters’ transformation, marked by strong commercial execution and revitalized innovation, positions us well for this exciting next chapter,” said Udit Batra, Ph.D., President and CEO of Waters. “We see tremendous opportunity to immediately apply our expertise in instrument replacement, service plan attachment, and eCommerce expansion, and realize the full potential of the flow cytometry and specialty diagnostics portfolios.”
The combined entity will boast $6.5 billion in pro forma revenue and $2 billion in adjusted EBITDA in 2025, with expectations to grow to $9 billion in revenue and $3.3 billion in EBITDA by 2030. Waters will remain headquartered in Milford, Massachusetts, under Batra’s continued leadership.
With over 70% of revenue expected to be recurring annually, the integration also brings substantial cost and revenue synergies—totaling a projected $345 million in annualized EBITDA benefits by 2030.
The deal is slated to close by Q1 2026, pending regulatory approvals and Waters shareholder approval.
