Waters Corporation and BD Announce $17.5 Billion Merger to Create Life Sciences and Diagnostics Leader
- Waters Corporation and BD announced a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters in a $17.5 billion Reverse Morris Trust transaction.
- The combined company will have pro forma 2025 sales of approximately $6.5 billion and adjusted EBITDA of $2.0 billion, doubling Waters' addressable market to $40 billion.
- The transaction is expected to generate $345 million in annualized EBITDA synergies by 2030, with $200 million in cost synergies by year three and $290 million in revenue synergies by year five.
- The deal creates a leader in liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions, with over 70% of revenue expected to be recurring annually.