MILFORD, Mass. — February 9, 2026 — Leads & Copy — Waters Corporation (NYSE: WAT) has completed its combination with the Biosciences & Diagnostic Solutions businesses of Becton, Dickinson and Company (NYSE: BDX), forming a global life sciences and diagnostics leader. Waters also announced the appointment of Claire M. Fraser, Ph.D., to its Board of Directors.
The transaction equips the company with technologies and a financial outlook. Dr. Fraser’s appointment increases the Waters Board to 11 members.
Dr. Fraser is a genome scientist with 30 years of experience managing research institutes. She founded The Institute for Genome Sciences at the University of Maryland School of Medicine in 2007, where she was also a Professor of Medicine and Microbiology and Immunology. She holds 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, welcomed the new colleagues and Dr. Fraser. He noted Dr. Fraser’s background in genomics, infectious diseases, and molecular diagnostics, stating her expertise will help oversee the company’s growth and value creation.
Udit Batra, Ph.D., President and Chief Executive Officer of Waters, said the combination marks a pivotal moment for Waters, bringing together expertise across chemistry, physics, and biology. He added the company’s focus is to address customer needs, deliver shareholder value, and advance global health through category-defining products and a culture of innovation.
Waters has established four divisions: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences. These divisions will support the development and manufacturing of therapeutics, food and environmental testing, and advance specialty diagnostics.
Divisions
Waters Analytical Sciences includes products, service, and informatics linked to separations science and physical molecular characterization, including liquid chromatography instruments, chemistry consumables, and mass spectrometry, UV, light scattering, and particle analysis detection technologies.
Waters Biosciences includes products, service, and informatics linked to the field of biology, spanning cellular sorting and analysis, including flow cytometry instruments and reagents, and single-cell multiomics solutions.
Waters Advanced Diagnostics includes products and service for diagnostic workflows in regulated clinical settings, including microbiology, molecular, LC-MS-based multiplex testing, automation solutions, and point-of-care testing.
Waters Materials Sciences includes products, service, and informatics spanning materials characterization techniques, including thermal analysis, rheology, and microcalorimetry, serving batteries, electronics, and pharmaceutical applications.
The combination was effected through a Reverse Morris Trust transaction. Waters shareholders own 60.8% of the combined company, and BD shareholders own 39.2%. BD shareholders will receive approximately 0.135 shares of Waters common stock for each share of BD common stock held as of February 5, 2026.
Barclays served as financial advisor to Waters, and Kirkland & Ellis LLP served as lead legal counsel.
Waters Corporation (NYSE: WAT) is a global leader in life sciences and diagnostics, dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. Waters collaborates with customers to advance the release of effective medicines, ensure food and water safety, and drive better patient outcomes. Its team of ~16,000 colleagues turns scientific challenges into breakthroughs.
Source: Waters Corporation
