Waters to Merge with BD’s Biosciences & Diagnostic Solutions Unit in $17.5B Deal, Creating a Life Sciences Powerhouse

Milford, MA and Franklin Lakes, NJ, July 14, 2025 (PRNewswire) -- Waters Corporation and BD have agreed to combine BD’s Biosciences & Diagnostic Solutions business with Waters in a $17.5 billion Reverse Morris Trust transaction, forming a leader in regulated, high-volume life science and diagnostics testing. The combined company will double Waters’ total addressable market to $40 billion and generate approximately $6.5 billion in pro forma 2025 revenue, with over 70% as recurring revenue. The deal is expected to deliver significant synergies and EPS accretion, while positioning the new entity for long-term growth in biologics, diagnostics, and analytical technologies.

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