Waters Corporation has successfully completed its merger with the Biosciences and Diagnostic Solutions businesses of Becton, Dickinson and Company (BD), a move that positions Waters as a leader in global life sciences and diagnostics. The transaction, which closed on February 9, 2026, is expected to enhance Waters’ capabilities in high-volume testing within regulated applications, bolstered by cutting-edge technologies.
In conjunction with the merger, Waters announced the appointment of Claire M. Fraser, Ph.D., to its Board of Directors, expanding the board to 11 members. Dr. Fraser is a distinguished genome scientist with extensive experience in managing research institutes. She founded The Institute for Genome Sciences at the University of Maryland School of Medicine, where she served as Director and Professor of Medicine and Microbiology and Immunology. Her academic credentials include a B.S. in Biology from Rensselaer Polytechnic Institute and a Ph.D. in Pharmacology from the State University of New York at Buffalo.
Flemming Ørnskov, M.D., M.P.H., Chairman of Waters, expressed enthusiasm for the merger, stating, “As we reach this important milestone, I want to welcome our new colleagues to Waters and Dr. Claire Fraser to our Board. We will benefit from her expertise and deep knowledge of the business to help oversee our next era of growth and value creation.”
The merger marks a significant turning point for Waters, according to Udit Batra, Ph.D., President and Chief Executive Officer. He highlighted the combination of world-class scientific expertise across various disciplines, stating, “Our focus is clear: address our customers’ unmet needs, deliver long-term value for our shareholders, and provide solutions that advance global health.”
Waters has restructured its operations into four distinct divisions following the merger. These divisions are designed to reflect the company’s commitment to high-volume testing and its expansion into high-growth markets:
New Divisions and Focus Areas
1. **Waters Analytical Sciences**: This division focuses on separations science and physical molecular characterization, offering liquid chromatography instruments, mass spectrometry, and various detection technologies.
2. **Waters Biosciences**: This division encompasses products and services related to biology, including flow cytometry instruments and single-cell multiomics solutions.
3. **Waters Advanced Diagnostics**: This sector deals with high-value diagnostic workflows in regulated clinical environments, featuring microbiology, molecular testing, and automation solutions.
4. **Waters Materials Sciences**: This division covers materials characterization techniques, serving industries such as batteries and pharmaceuticals with thermal analysis and rheology.
The merger was executed through a Reverse Morris Trust transaction, allowing BD’s Biosciences and Diagnostic Solutions businesses to be spun off into a separate entity before merging with a wholly owned subsidiary of Waters. As a result, Waters shareholders prior to the transaction owned 60.8% of the new company, while BD shareholders held 39.2%. Each BD shareholder received approximately 0.135 shares of Waters common stock for every share of BD common stock held as of February 5, 2026.
Barclays acted as the financial advisor for Waters, while Kirkland & Ellis LLP served as lead legal counsel in the transaction.
About Waters Corporation
Waters Corporation (NYSE: WAT) is recognized globally for its contributions to life sciences and diagnostics. The company’s focus on analytical technologies, informatics, and services aims to accelerate advancements in health and safety. With a team of approximately 16,000 employees, Waters collaborates with customers worldwide to enhance the safety of food and water, improve patient outcomes, and facilitate the development of effective medicines.
For further details, the original press release can be accessed at Waters Corporation’s official website.
This merger signifies a pivotal advancement in Waters’ strategic goals, as the company aims to harness its expanded capabilities to deliver innovative solutions that address pressing global health challenges.
