战略定位高度契合BD转型需求 来源：仪器信息网 导读：沃特世与BD完成175亿美元合并，沃特世控股60.8%，核心原因在于其战略契合度、技术互补 性、财务条款吸引力及反垄断风险可控性的综合优势。 2025年7月14日，沃特世与BD宣布通过反向莫里斯信托结构完成合并，交易规模达175亿美元。这使BD 获得合并后公司39.2%的股权，同时沃特世以60.8%的控股比例实现业务整合。根据协议，BD将生命科 学部门剥离为独立实体SpinCo，与沃特世子公司合并后，新公司预计2025年营收达65亿美元，调整后 EBITDA约20亿美元。交易需通过美国联邦贸易委员会（FTC）反垄断审查与双方股东投票，预计2026 年一季度末完成交割。 沃特世能够最终获得BD生命科学业务的"购买权"，核心原因在于其战略契合度、技术互补性、财务条 款吸引力及反垄断风险可控性的综合优势。 BD此次剥离生命科学业务的核心目标是聚焦医疗技术领域，而沃特世作为纯科学仪器公司，其战略定 位与BD的业务剥离逻辑高度匹配。具体体现在： 1. 业务非竞争性：沃特世的液相色谱、质谱技术与BD的流式细胞术、分子诊断业务分属不同细分领 域，避免了其他巨头可能带来的 ...

Core Viewpoint - The merger between Waters and BD, valued at $17.5 billion, is driven by strategic alignment, technological complementarity, attractive financial terms, and manageable antitrust risks [1][2]. Strategic Alignment - BD's divestiture of its life sciences business aims to focus on medical technology, aligning with Waters' position as a pure scientific instrument company [3]. - The non-competitive nature of their businesses mitigates overlap risks, as Waters' technologies are distinct from BD's offerings [3]. - BD's use of a reverse Morris Trust structure allows it to retain 39.2% equity in the merged entity while receiving $4 billion in cash for shareholder value maximization [3]. Technological Complementarity - The combination of Waters and BD's technologies creates a comprehensive solution from bioanalysis to clinical testing, addressing core needs in life sciences and diagnostics [4]. - Waters' ACQUITY UPLC and Xevo mass spectrometry platforms are recognized as gold standards for biopharmaceutical quality control, while BD's flow cytometry and molecular diagnostics focus on rapid clinical sample testing [4][5]. Market Synergy - The total addressable market (TAM) is expected to double from $19 billion to $40 billion, covering high-growth areas such as biopharmaceuticals and microbiological diagnostics [6]. - The merger allows for cross-selling opportunities, leveraging Waters' pharmaceutical clients and BD's deep penetration in hospital laboratories [6]. Financial Strength and Integration Capability - Waters' financial structure remains robust, with a net debt to EBITDA ratio of 2.3, significantly below the industry average [7]. - The integration plan emphasizes technology complementarity over scale, with a focus on retaining key production and R&D capabilities [8]. Antitrust Risk Management - The merger faces minimal regulatory resistance due to Waters' lower market share in the flow cytometry space compared to competitors [9]. - The reverse Morris Trust structure offers unique tax advantages for BD shareholders, making it more appealing than cash offers from other bidders [10]. Industry Trends and Growth Potential - The rise of biopharmaceuticals and precision medicine is driving demand for high-sensitivity analytical tools, which both companies can fulfill through their combined technologies [11][12]. - Automation and digitalization capabilities will enhance operational efficiency, providing comprehensive solutions that integrate hardware, software, and services [13]. - The merger not only fills Waters' gaps in clinical diagnostics but also creates maximum value for BD shareholders through strategic design and synergy [14].