BD to Combine Biosciences & Diagnostic Solutions Business with Waters in $17.5 Billion Reverse Morris Trust Transaction

Details

The transaction is expected to close around the end of the first quarter of 2026, subject to regulatory approvals, shareholder approval, and other customary closing conditions. The combined company will operate under the Waters name and will have a strong focus on life science and diagnostics, with an expected total addressable market of approximately $40 billion. BD will receive a cash distribution of approximately $4 billion prior to the transaction closing. The transaction is expected to be generally tax-free for U.S. federal income tax purposes to BD and its shareholders.

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About Becton, Dickinson and Company

Becton, Dickinson and Company, commonly known as BD, is a prominent American multinational corporation engaged in the development and manufacture of a diverse range of medical devices, instrument systems, and reagents. A key player in the healthcare industry, BD focuses on improving medical discovery, diagnostics, and the delivery of care. BD's products are instrumental in supporting healthcare professionals worldwide in enhancing patient safety and reducing the risks associated with healthcare workers. The company operates across three main segments: BD Medical, BD Life Sciences, and BD Interventional, impacting various sectors such as pharmaceuticals, hospital healthcare systems, and clinical laboratories. With a strong commitment to innovation and quality, Becton, Dickinson and Company contributes significantly to advancements in patient care, operating efficiency in medical settings, and is noted for its commitment to addressing healthcare challenges on a global scale. Headquartered in Franklin Lakes, New Jersey, BD maintains a robust presence across numerous countries, underpinning its influential role in the evolution and improvement of global healthcare infrastructure.