Waters Corp. has agreed to combine with Becton, Dickinson & Co.'s Biosciences & Diagnostics Solutions business in a transaction valued at $17.5 billion, marking the largest life sciences deal of the year. The merger aims to expand Waters’ portfolio into high-growth markets such as flow cytometry and specialty diagnostics while nearly doubling its total addressable market to approximately $40 billion. Leadership and integration plans include retaining Udit Batra as CEO. The transaction is expected to close next year amid mixed investor reactions reflected in share price fluctuations.