Waters Corporation announced plans to merge with the Biosciences and Diagnostic Solutions unit of Becton, Dickinson & Co. in a transaction valued at $17.5 billion, marking the largest life sciences deal of the year. The combined company is projected to double Waters’ total addressable market to approximately $40 billion, with over 70% of revenue expected to be recurring. Strategic benefits cited include expanded high-volume testing capabilities across liquid chromatography, mass spectrometry, and diagnostic solutions. Waters’ CEO will lead the merged entity, which will trade under the Waters name. Despite strategic rationale, investors reacted coolly, with Waters shares declining significantly on deal announcement.