Waters completed its $18.8 billion acquisition of Becton Dickinson’s Biosciences & Diagnostics business and outlined an initial integration plan to capture instrument replacement cycles, e‑commerce, and service expansion. Management said Q4 revenue for the acquired business fell short of expectations due to weakened diagnostics demand in China and a mild flu season. Following the close, Barclays reinstated coverage with an overweight rating and a $400 price target, citing management execution, scale economics and potential upside from synergy realization. The deal reshapes Waters into a larger analytical and diagnostics player and will be monitored for integration tempo and margin trajectories.