Waters Corporation and Becton, Dickinson & Co. (BD) announced a $17.5 billion transaction to combine Waters with BD’s Biosciences and Diagnostic Solutions business. The merger will nearly double Waters’ total addressable market to around $40 billion and enhance its product portfolio spanning liquid chromatography, mass spectrometry, flow cytometry, and diagnostic tools. The combined entity targets growth via recurring revenue streams, service plan expansion, and e-commerce adoption. Waters CEO Udit Batra will lead the merged company post-close, which is expected next year. Although investors reacted lukewarmly, the deal marks the largest life sciences acquisition this year, shifting the sector’s competitive landscape significantly.