Waters Completes Becton Dickinson Biosciences Merger, Sets 60.8%/39.2% Ownership Split
Waters Corporation has completed a Reverse Morris Trust combining BD’s Biosciences & Diagnostic Solutions businesses, with Waters shareholders now owning 60.8% and BD stakeholders 39.2% of the merged company. These four divisions will drive high-volume regulated testing and expand molecular diagnostics capabilities.
1. Transaction Completion and Terms
Waters effected the combination via a Reverse Morris Trust, spinning off BD’s Biosciences & Diagnostic Solutions into a separate entity that merged with a Waters subsidiary. Upon closing, Waters shareholders received 60.8% and BD shareholders 39.2% of the combined company, with BD holders getting 0.135 Waters shares per BD share.
2. New Four-Division Structure
The merged company is organized into Analytical Sciences, Biosciences, Advanced Diagnostics, and Materials Sciences. Each division brings together technologies and teams to focus on high-volume regulated testing, flow cytometry, molecular diagnostics, and materials characterization for markets like pharmaceuticals, food safety, and electronics.
3. Board Expansion
Waters has expanded its Board of Directors to 11 members with the appointment of Claire M. Fraser, Ph.D., a genome scientist with three decades of institute leadership and expertise in molecular diagnostics. Her background in genomics and infectious diseases is intended to guide the company’s strategic growth in diagnostics.
4. Strategic Outlook
Management emphasizes leveraging category-defining products and cross-division synergies to address unmet needs in regulated testing and adjacent high-growth markets. The company aims to enhance shareholder value through long-term revenue growth, margin expansion, and innovation in diagnostics and materials sciences.