Waters Corporation and Becton Dickinson (BD) announced a landmark $17.5 billion Reverse Morris Trust transaction, merging BD's Biosciences & Diagnostic Solutions business with Waters. The combined entity aims to create a leader in regulated, high-volume life science and diagnostics markets, expanding offer portfolios including liquid chromatography, mass spectrometry, flow cytometry, and diagnostic platforms. The deal expects to double Waters' addressable market, increase recurring revenues, and enhance capabilities for biologics characterization and clinical diagnostics, leveraging BD's regulatory expertise and customer footprint.