Waters completes its combination with BD's Biosciences and Diagnostic Solutions businesses
Waters has closed its combination with two BD businesses and organised itself into four divisions, including Waters Materials Sciences, formerly the TA Division.
On 9 February 2026, Waters Corporation announced that it had completed its previously announced combination with the Biosciences and Diagnostic Solutions businesses of Becton, Dickinson and Company (BD) [1][2]. Many Indian laboratories know Waters for liquid chromatography and mass spectrometry, and the TA Instruments range of thermal analysis and rheology instruments also sits inside the company, so the change is worth understanding.
How the transaction was structured
According to the announcement, the deal was a Reverse Morris Trust. BD's two businesses were spun off into a separate entity, which then merged with a Waters subsidiary and became a wholly owned subsidiary of Waters [1][2].
Ownership of the combined company
Waters shareholders from before the closing hold 60.8% of the combined company on a fully diluted basis.
Former BD shareholders hold 39.2% on the same basis.
BD shareholders received approximately 0.135 Waters shares for each BD share held at the close of business on the record date of 5 February 2026, with cash paid instead of fractional shares [1][2].
Four divisions
Waters said it now operates through four divisions [1][2]:
Waters Analytical Sciences, formerly the Waters Division excluding the Waters Clinical Business.
Waters Biosciences, formerly BD Biosciences.
Waters Advanced Diagnostics, formerly BD Diagnostic Solutions together with the Waters Clinical Business.
Waters Materials Sciences, formerly the TA Division.
Board
Claire M. Fraser, Ph.D., joined the Waters Board, which increased in size to 11 members [1].
What it means for laboratories
The announcements describe corporate and organisational changes. They do not announce changes to product availability, pricing or service arrangements in India, and we have not assumed any. Customers who use Waters or TA Instruments equipment should continue to contact their usual supplier contact for current information. The Agarwal Brothers team will share any relevant update we receive from the principal.
