Waters Completes Merger with BD Medical Bioscience and Diagnostic Solutions Business

MILFORD, Mass., Feb. 10, 2026 /PRNewswire/ -- Waters Corporation (NYSE:WAT) today announced the completion of its previously announced acquisition of the Biosciences and Diagnostic Solutions business of BD (Becton, Dickinson and Company) (NYSE:BDX). The transaction creates a global leader in life sciences and diagnostics with advanced technological capabilities and industry-leading financial prospects. The company also announced the appointment of Dr. Claire M. Fraser to Waters' Board of Directors, bringing the total number of directors to 11.

Dr. Fraser is a world-renowned genomic scientist with thirty years of experience managing large research institutions. Her most recent positions include Director of the Institute for Genome Sciences at the University of Maryland School of Medicine, which she founded in 2007, and Professor of Medicine, Microbiology, and Immunology at the same university. She earned her Bachelor's degree in Biology from Rensselaer Polytechnic Institute in Troy, New York, and her Ph.D. in Pharmacology from the State University of New York at Buffalo.

"On behalf of Waters Corporation, I would like to welcome our new colleagues and Dr. Claire Fraser to the Board at this important milestone," said Dr. Flemming Ørnskov, Chairman of the Board, Waters Corporation. "Dr. Fraser is an internationally recognized scientist with deep expertise in genomics, infectious diseases, and molecular diagnostics. Her extensive background and industry insights will help the company unlock a new phase of growth and value creation."

"The merger with BD's Biosciences and Diagnostic Solutions business represents a pivotal opportunity for Waters," said Dr. Udit Batra, President and CEO of Waters. "This move perfectly unites world-class scientific expertise across chemistry, physics, and biology with a deep-rooted heritage of innovation. As we embark on this new chapter, our objective is clear: to address unmet customer needs, generate long-term value for shareholders, and deliver solutions that advance global health. With our groundbreaking products and shared culture of innovation, I am confident that together we will accelerate the benefits of cutting-edge science."

With the completion of the transaction, Waters has established four business units, reflecting both the company's continued focus on large-scale testing needs in regulated areas and its decisive expansion into high-growth adjacent markets. These business units bring together outstanding research teams dedicated to supporting the research and production of large and small molecule therapeutics, the detection of food and the environment, and the advancement of high-potential specialized diagnostic technologies such as molecular diagnostics, microbiology, and multiplex testing.

Waters Analytical Science (formerly Waters Division, excluding clinical business): encompasses products, services, and compliance informatics related to separation science and physical molecular characterization, including liquid chromatography instruments, chemical consumables, as well as mass spectrometry, UV, light scattering, and particle analysis detection technologies.

Waters BioSeparations (formerly BD Biosciences): Encompassing products, services, and informatics solutions related to the field of biology, including cell sorting and analysis, flow cytometers and reagents, and single-cell multiomics solutions.

Waters Advanced Diagnostics (formerly BD Medical Diagnostic Solutions & Waters Clinical Business): Provides products and services for high-value diagnostic workflows in regulated clinical environments. This includes microbiology, molecular testing, LC-MS-based multiplexing, automation solutions, and point-of-care testing.

Waters Materials Science (formerly TA Instruments): Providing a complete portfolio of products, services, and informatics solutions encompassing a variety of materials characterization techniques, including thermal analysis, rheology, and microcalorimetry, serving the battery, electronics, and pharmaceutical industries.

Transaction information

The merger was completed through a Reverse Morris Trust transaction: BD's Biosciences and Diagnostic Solutions business (the "Business") was spun off to a separate entity, which was then merged with a wholly-owned subsidiary of Waters, becoming a wholly-owned subsidiary of Waters. Upon completion of the transaction, Waters' pre-closing shareholders owned approximately 60.8% of the combined company's common stock on a fully diluted basis, and BD's shareholders owned approximately 39.2% of the combined company's common stock on a fully diluted basis. Under the terms of the transaction, BD shareholders received approximately 0.135 shares of Waters common stock for each share of BD common stock held at the close of business on February 5, 2026 (the distribution record date), with cash paid in lieu of any fractional shares.

Barclays acted as financial advisor to Waters, and Kirkland & Ellis LLP acted as lead legal counsel.