From Chat GPT 5.
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1. Becton Dickinson (BD): Divesting Biosciences & Diagnostic Solutions
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What’s happening: In February 2025, BD announced plans to separate its Biosciences & Diagnostic Solutions business to sharpen its focus on core medical technology and drive greater shareholder value Financial Times+15BD Newsroom+15Today's Clinical Lab+15.
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Activist pressure: Investor group Starboard Value took a stake in the company and pushed for the spin-off, with internal valuations of the business ranging from $33–35 billion Financial Times+2Reuters+2.
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Recent milestone: On July 14, 2025, BD signed a definitive agreement to combine that business with Waters Corporation in a Reverse Morris Trust deal valued at roughly $17.5 billion MarketWatch+4MD+DI+4Becton, Dickinson and Company+4.
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Deal specifics:
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Waters will issue approximately 39% of its shares to BD shareholders and assume about $4 billion in debt.
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BD will receive a $4 billion cash distribution, planning to use at least half for share buybacks and the rest for debt repayment The Wall Street Journal+2MD+DI+2.
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The combined entity is expected to double Waters’ addressable market to ~$40 billion, with robust recurring revenue and improved margins MassDevice+15Becton, Dickinson and Company+15MD+DI+15.
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Target closing: End of Q1 2026 MD+DI+4The Wall Street Journal+4MarketWatch+4.
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BD’s stock has trended downward in 2025 (~28% drop from announcement), and Waters’ also declined (~12%) amid market concerns MarketWatch.
Strategic Implications
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BD is strategically shedding its diagnostics and life sciences business to concentrate on medical tech, while Waters gains scale and a more diversified portfolio in diagnostics and life sciences.
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