BD Combines Biosciences & Diagnostics with Waters for $17.5 Billion
Deal News | Jul 14, 2025 | Ropes & Gray
In a momentous transaction, Ropes & Gray is advising Becton, Dickinson and Company (BD) on the antitrust and FDI implications in their approximately $17.5 billion merger of its Biosciences & Diagnostic Solutions division with Waters Corporation. The transaction is being executed as a tax-efficient Reverse Morris Trust, heralding the creation of an innovator in the life sciences and diagnostics sector. Integral aspects include the management by Ropes & Gray's antitrust partners, namely Ruchit Patel and Jonathan Klarfeld, with associates Vincenzo Volpe, Katie Gerasimidis, and Alyx Klotz. This deal aims to position the new entity as a leader in life sciences and diagnostics technology, with Waters bringing complementary strengths to BD’s established business.
Sectors
- Life Sciences
- Diagnostics
- Legal Advisory
Geography
- United States – BD, Waters, and Ropes & Gray are prominent entities based in the U.S., making this a significant event in the American corporate landscape.
Industry
- Life Sciences – The deal focuses on the merger of BD's Biosciences and Diagnostic Solutions with Waters, which are key players in the life sciences industry.
- Diagnostics – The combination is oriented around the diagnostics business, positioning the new entity as a leader in developing innovative diagnostic solutions.
- Legal Advisory – Ropes & Gray's involvement as legal advisors for antitrust and FDI implications underlines the legal industry’s role in M&A transactions.
Financials
- 17.5 billion – The valuation of the combination of BD's Biosciences & Diagnostic Solutions with Waters Corporation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BD (Becton, Dickinson and Company) | Target Company | Company | An American multinational medical technology company involved in this merger with Waters Corporation. |
| Waters Corporation | Bidding Company | Company | A company that is merging with BD's Biosciences & Diagnostic Solutions to create a leader in life sciences and diagnostics. |
| Ropes & Gray | Legal Advisor | Company | Law firm advising BD on antitrust and FDI aspects in this multibillion-dollar deal. |
| Ruchit Patel | Antitrust Partner | Person | Lead partner at Ropes & Gray overseeing antitrust issues in the deal. |
| Jonathan Klarfeld | Antitrust Partner | Person | Co-lead partner at Ropes & Gray focusing on antitrust matters for the transaction. |