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

Forms a global life sciences and diagnostics leader focused on high-volume testing in regulated applications

Published on Feb. 10, 2026

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Waters Corporation has completed the previously announced combination with the Biosciences & Diagnostic Solutions businesses of Becton, Dickinson and Company (BD). 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 and Diagnostic Solutions businesses creates a powerhouse in the life sciences and diagnostics industry, with a focus on high-volume testing in regulated applications. This merger brings together complementary expertise and technologies, positioning the combined company to better serve customers and drive innovation in areas like therapeutics development, food and environmental testing, and specialty diagnostics.

The details

With the transaction now closed, Waters has established four divisions that reflect the Company's continued focus on high-volume testing in regulated applications and its expansion into high-growth adjacent markets: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences. The combination was effected through a Reverse Morris Trust transaction, where BD's Biosciences & Diagnostic Solutions businesses were spun off into a separate entity which merged with a wholly owned subsidiary of Waters.

  • 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 medical technology company that manufactures and sells medical devices, instrument systems, and reagents.

Claire M. Fraser, Ph.D.

A globally acclaimed genome scientist, with three decades of experience managing large research institutes. She was appointed to the Waters Board of Directors.

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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 (biospace.com)

“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 (biospace.com)

What’s next

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The takeaway

This combination creates a global life sciences and diagnostics powerhouse, with a focus on high-volume testing in regulated applications. The combined company's expanded capabilities and expertise will enable it to better serve customers, drive innovation, and advance global health through pioneering science.