Waters Corporation and BD have entered into a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions business with Waters through a tax-efficient Reverse Morris Trust transaction—an alliance set to double Waters’ total addressable market (TAM) to approximately $40 billion, growing at an estimated 5–7% CAGR. This transaction significantly enhances Waters’ presence across a broader range of regulated environments and accelerates expansion into high-growth adjacencies such as bioanalytical characterisation, bioseparations, and multiplex diagnostics. Leveraging Waters’ proven commercial execution model—including instrument lifecycle replacement, service plan attachment, e-commerce integration, and product launch excellence—the combined entity will benefit from a more stable revenue base, with over 70% of revenues recurring and more than half of instruments replaced every 5–10 years. Financially, the deal is expected to deliver mid-single to high-single-digit revenue growth, mid-teens adjusted EPS growth, and ~500 basis points of margin expansion over five years, while generating $200 million in cost synergies by year three and $290 million in revenue synergies by year five, and being accretive to adjusted EPS in the first year—firmly establishing the combination as a compelling value creation opportunity.