Waters Completes Combination With BD Biosciences & Diagnostic Solutions via Reverse Morris Trust

February 9, 2026

Waters Corporation completed its previously announced combination of BD’s Biosciences and Diagnostic Solutions business with a wholly owned Waters subsidiary, creating a global life sciences and diagnostics leader focused on high-volume testing in regulated applications. BD spun off the business and received Waters equity, with BD receiving $4 billion in cash in connection with the transaction.

Buyers
Waters Corporation
Targets
BD Biosciences & Diagnostic Solutions business
Sellers
Becton, Dickinson and Company (BD)
Location
Massachusetts, United States
Transaction Type
Buyout

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