Transaction Summary

Why are BD Biosciences and Diagnostic Solutions now part of Waters?

On July 14, 2025, Waters Corporation (“Waters” or “we”) announced our entry into a definitive agreement to combine Becton, Dickinson and Company’s (“BD”) Biosciences & Diagnostic Solutions business (“BDS Business”) with Waters. As part of this transaction, the BDS Business was spun off and simultaneously merged with a wholly owned subsidiary of Waters. This transaction is a natural extension of our strategy and transformation to become a pioneering life science tools and diagnostics leader with an industry-leading financial outlook. The transaction closed on February 9, 2026.

Who owns the BDS Business?

Waters is the legal owner of the combined business. 

What is the relationship between BD and Waters?

At all times before and after the transaction, BD and Waters remain separate, publicly-traded, and independently operated companies.

As part of the transaction and subject to customary transitional arrangements, BD will provide certain services to Waters to support the BDS Business for a limited period of time after close (e.g., procurement, IT, HR, compliance, logistics). BD’s services are designed to help facilitate an orderly transition after the separation of the BDS Business and are intended to last only as long as necessary to achieve a successful separation.

BD and Waters will also coordinate to transfer certain assets, liabilities, and regulatory authorizations associated with the BDS Business that had not yet been transferred to Waters at the time of separation due to in-country legal and regulatory procedures.

Who is the legal manufacturer for the regulated BDS Business products?

BD will remain the legal manufacturer of the relevant BDS products until the applicable regulatory approvals are transferred to and/or registered under Waters. The BDS products may continue to feature BD’s branding until such transfers and/or registrations are complete.

Subsidiary Structure

As part of the transaction, the acquired SpinCo legal entities became wholly owned subsidiaries of Waters. Waters operates through a global network of subsidiaries, including U.S. entities such as Waters Technologies Corporation and international entities across Europe, Asia-Pacific, and Latin America. Below is a list of the acquired SpinCo legal entities and the registered address for each such entity effective as of February 9, 2026. This list will be updated as the legal transfers progress in the delayed countries.

Contact

Legal@Waters.com