Waters Completes Combination with BD's Biosciences & Diagnostic Solutions Businesses

Deal leaves Waters investors with 60.8% and BD holders 39.2% of the combined company

Published on Feb. 9, 2026

Got story updates? Submit your updates here. ›

Waters Corporation (NYSE: WAT) has completed the previously announced combination with the Biosciences & Diagnostic Solutions businesses of Becton, Dickinson and Company (NYSE: BDX). The transaction forms a global life sciences and diagnostics leader, equipped with best-in-class technologies, and an industry-leading financial outlook. Waters also announced the appointment of Claire M. Fraser, Ph.D., to its Board of Directors.

Why it matters

The combination of Waters and BD's Biosciences & Diagnostic Solutions businesses creates a powerhouse in the life sciences and diagnostics industry, bringing together world-class expertise across chemistry, physics, and biology. This merger positions the combined company to better address customers' unmet needs, deliver long-term value for shareholders, and provide solutions that advance global health.

The details

The transaction was effected through a Reverse Morris Trust, where BD's Biosciences & Diagnostic Solutions businesses were spun off into a separate entity which then merged with a wholly owned subsidiary of Waters. Upon closing, Waters shareholders owned 60.8% of the combined company, and BD shareholders owned 39.2%. Waters also established four new divisions to reflect the company's focus on high-volume testing in regulated applications and its expansion into high-growth adjacent markets.

  • The transaction closed on February 9, 2026.
  • The record date for the spin-off was February 5, 2026.

The players

Waters Corporation

A global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service.

Becton, Dickinson and Company (BD)

A global medical technology company that develops, manufactures, and sells medical devices, instrument systems, and reagents.

Claire M. Fraser, Ph.D.

An internationally recognized scientist with an extensive background in genomics, infectious diseases, and molecular diagnostics. She was appointed to the Waters Board of Directors.

Flemming Ørnskov, M.D., M.P.H.

The Chairman of the Waters Board.

Udit Batra, Ph.D.

The President and Chief Executive Officer of Waters.

Got photos? Submit your photos here. ›

What they’re saying

“As we reach this important milestone, I want to welcome our new colleagues to Waters and Dr. Claire Fraser to our Board. Dr. Fraser is an internationally recognized scientist with an extensive background in genomics, infectious diseases, and molecular diagnostics. We will benefit from her expertise and deep knowledge of the business to help oversee our next era of growth and value creation.”

— Flemming Ørnskov, M.D., M.P.H., Chairman, Waters (PRNewswire)

“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. 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.”

— Udit Batra, Ph.D., President and Chief Executive Officer, Waters (PRNewswire)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This merger creates a powerhouse in the life sciences and diagnostics industry, combining the strengths of Waters and BD to better serve customers, drive innovation, and advance global health. The appointment of Dr. Claire Fraser to the Waters Board also brings valuable expertise to help guide the company's next phase of growth and value creation.