BD Completes Sale of Biosciences & Diagnostic Solutions to Waters

BD (Becton, Dickinson and Company) announced the completion of its previously revealed spinoff of its Biosciences & Diagnostic Solutions business and the combination of the business with Waters Corporation.

BD shareholders will receive about 0.135 shares of Waters common stock for each share of BD common stock they held at close of business on February 5. The transaction for BD Biosciences & Diagnostic Solutions (first announced in July 2025) was valued at $18.8 billion.

Waters has now established four divisions to reflect its focus on high-volume testing in regulated applications and its expansion into adjacent markets. The divisions bring together scientific teams to support the development and manufacturing of large and small molecule therapeutics and food and environmental testing, and to advance specialty diagnostics in attractive molecular, microbiology, and multiplex applications:

• Waters Analytical Sciences is comprised of products, service, and compliant informatics linked to separations science and physical molecular characterization, including liquid chromatography instruments, chemistry consumables, and mass spectrometry, UV, light scattering, and particle analysis detection technologies.
• Waters Biosciences is comprised of products, service, and informatics linked to the field of biology, spanning cellular sorting and analysis, including flow cytometry instruments and reagents, and single-cell multiomics solutions.
• Waters Advanced Diagnostics is comprised of products and service for high-value diagnostic workflows in regulated clinical settings. This includes microbiology, molecular, LC-MS-based multiplex testing, automation solutions, and point-of-care testing.
• Waters Materials Sciences is comprised of comprised of products, service, and informatics spanning a diverse range of materials characterization techniques, including thermal analysis, rheology, and microcalorimetry, serving batteries, electronics, and pharmaceutical applications.

“The successful combination of our Biosciences & Diagnostic Solutions business with Waters marks the final milestone of our BD 2025 strategy, positioning BD for its next chapter as a focused, pure-play medtech company built for the next era of healthcare,” said BD chairman, CEO, and president Tom Polen. “Over the last several years, we have deliberately shaped our portfolio – including divesting three substantial non-core assets and completing more than 20 strategic tuck-in acquisitions – to strengthen our presence in some of the most attractive areas in healthcare. As a result, BD is uniquely positioned to capitalize on the trends we’ve identified as shaping the future of healthcare: the rise of smarter connected devices and AI; the shift of care to more convenient settings; and rapid advances in technologies for chronic disease.”

Claire M. Fraser, Ph.D., has been appointed to the Waters Corporation Board of Directors effective upon the closing of the transaction, and is simultaneously stepping down from the BD Board of Directors, following nearly two decades of dedicated service.

“Our combination with BD’s Biosciences and Diagnostic Solutions businesses marks a pivotal moment for Waters, bringing together world-class scientific expertise across chemistry, physics, and biology, with rich histories of innovation,” said Udit Batra, Ph.D., president and CEO of Waters. “As we enter this next chapter, our focus is clear: address our customers’ unmet needs, deliver long-term value for our shareholders, and provide solutions that advance global health. Through our category-defining products and shared culture of innovation, I am confident that together we will accelerate the benefits of pioneering science.”