US Edition
Waters Inks $17.5B Merger with Division of BD
MILFORD, MASSACHUSETTS, JUL 14 – The $17.5 billion Reverse Morris Trust deal will create a leading diagnostics firm with expected 2025 sales of $6.5 billion and over 70% recurring revenue, doubling Waters' market size.
- On July 14, 2025, Waters Corporation announced a $17.5 billion stock-and-cash agreement to acquire and merge BD’s unit focused on biosciences and diagnostics, forming a combined company.
- BD decided in February 2025 to divest this business to focus on medical devices, prompting Waters' offer and unanimous board approvals, subject to regulatory and shareholder consents.
- The acquired biosciences and diagnostics segment reported revenue of $3.4 billion in BD’s 2024 fiscal year, and the merged entity anticipates pro forma sales near $6.5 billion for 2025, supported by expected cost reductions and revenue enhancements.
- Waters CEO Udit Batra stated that the merger unites two innovative companies with strong R&D backgrounds and a shared focus on customers, while Waters' shares declined by over 11% and BD's shares decreased by less than 1% following the announcement.
- The merger is anticipated to finalize by early 2026 and is projected to expand Waters' total addressable market to roughly $40 billion, driving annual revenue growth in the mid-single digits and earnings per share growth in the mid-teens.
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MSNWaters and Biosciences & Diagnostic Solutions unit to combine for $17.5B
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Total News Sources21
Leaning Left2Leaning Right1Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 33%
C 50%
R 17%
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