Waters Completes Reverse Morris Trust with BD, Establishes Four Divisions
Waters completed its Reverse Morris Trust combination with BD’s Biosciences and Diagnostic Solutions, creating a global life sciences leader with Waters shareholders owning 60.8% and BD shareholders 39.2% after exchanging 0.135 Waters share per BD share. It has established four divisions focused on analytical sciences, biosciences, diagnostics and materials sciences.
1. Transaction Details
Waters closed its Reverse Morris Trust transaction with Becton Dickinson’s Biosciences and Diagnostic Solutions businesses, spinning off and merging those operations into a wholly owned subsidiary. Waters shareholders now own 60.8% and BD shareholders 39.2% of the combined company, with BD shareholders receiving 0.135 Waters share per BD share.
2. Organizational Structure
The combined company has launched four divisions: Waters Analytical Sciences specializing in separations and molecular characterization; Waters Biosciences focusing on flow cytometry and single-cell multiomics; Waters Advanced Diagnostics offering microbiology, molecular testing and automation; and Waters Materials Sciences covering thermal analysis, rheology and microcalorimetry.
3. Board Appointment
The Waters Board has expanded to 11 members with the addition of genome scientist Claire M. Fraser, Ph.D., whose three decades of experience include founding and directing a leading institute for genome sciences. Her background in infectious diseases and molecular diagnostics is expected to strengthen oversight of Waters’ growth in regulated testing markets.