BD Biosciences & Diagnostic Solutions to Merge with Waters

The combined company will have best-in-class liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions. The bioseparations portfolio will expand by combining Waters' chemistry expertise and BD's biologics expertise to unlock new ways to separate large molecules and to drive growth in biologics and novel modalities with next-generation consumables. In bioanalytical characterization, Waters' expertise in downstream high-volume applications and its established Empower informatics platform are well-positioned to deploy BD's flow cytometry and PCR technologies into large molecule QA/QC.

BD's regulatory expertise and established presence in clinical and diagnostic settings is expected to drive enhanced market access, improved service support, accelerated menu expansion, and automation for multiplex diagnostics using LC-MS technologies from Waters. Waters will systematize execution across instrument replacement, service plan attachment, e-commerce adoption, and new product launches.

"This transaction marks a pivotal milestone in Waters' transformation journey as we embark on a new chapter of growth and value creation,” said Flemming Ornskov, M.D., M.P.H., Chairman, Waters. “As the Board of Directors evaluated this opportunity throughout the process, it became evident that combining with BD's Biosciences & Diagnostic Solutions business is an excellent strategic fit with complementary strengths. We are confident that this combination will accelerate our strategy in multiple high-growth markets and deliver substantial near- and long-term value to our shareholders."

"Waters' transformation, marked by strong commercial execution and revitalized innovation, positions us well for this exciting next chapter,” said Udit Batra, Ph.D., President and Chief Executive Officer, Waters. “We see tremendous opportunity to immediately apply our expertise in instrument replacement, service plan attachment, and eCommerce expansion, and realize the full potential of the flow cytometry and specialty diagnostics portfolios. The combination doubles our accessible market to approximately $40 billion and allows us to accelerate value creation in multiple high-growth adjacencies such as bioseparations, bioanalytical characterization, and multiplex diagnostics, while increasing the ratio of our annually recurring revenues."

"We are bringing together complementary portfolios and channels that create an industry-leading life science and diagnostics company,” added Tom Polen, Chairman, CEO and President, BD. “We see an incredible opportunity to leverage both companies' commitments to unparalleled innovation, technology, and commercial presence to serve attractive high-growth end-markets, while simultaneously unlocking multiple new growth vectors. We couldn't be more confident that the combined company, under Udit's leadership, represents the best path to create substantial value for shareholders. Waters offers the right cultural fit for our Biosciences & Diagnostic Solutions associates to flourish and continue their legacy of developing new-to-world, innovative solutions that make a meaningful impact on global healthcare."

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