Group 1 - The core viewpoint of the article highlights the strategic acquisition of Becton, Dickinson & Company by Waters Corporation, aiming to create a leader in the life sciences and diagnostics sector through a deal valued at approximately $17.5 billion [1][3]. Group 2 - The transaction will be executed using a Reverse Morris Trust structure, which is a tax-efficient method for mergers and acquisitions [1]. - The integration of Becton Dickinson's biosciences and diagnostic solutions business is expected to enhance Waters Corporation's capabilities in the life sciences market [1].

Summary of Waters Corporation and BD Biosciences and Diagnostic Solutions Conference Call Company and Industry Overview - **Companies Involved**: Waters Corporation (WAT) and BD Biosciences and Diagnostic Solutions - **Industry**: Life Sciences and Diagnostics Key Points and Arguments 1. **M&A Announcement**: Waters announced a combination with BD's Biosciences and Diagnostic Solutions via a Reverse Morris Trust, issuing 39.2% of its shares to BD shareholders and assuming $4 billion in debt [2][5][43] 2. **Financial Projections**: The combined company is expected to generate pro forma revenue of approximately $6.5 billion with adjusted EBITDA of around $2 billion for 2025 [6][18] 3. **R&D Investment**: Approximately 10% of product sales will be allocated to R&D to sustain innovation [7][16] 4. **Employee Count and Headquarters**: The combined entity will have around 16,000 employees and will be headquartered in Milford, Massachusetts [7] 5. **Market Expansion**: The transaction is expected to double Waters' total addressable market to approximately $40 billion, with growth driven by consistent demand factors such as pill count and disease detection [8][11] 6. **Revenue Stability**: Over 70% of the combined revenue is expected to be recurring, enhancing growth stability [9][10] 7. **Cost and Revenue Synergies**: Expected cost synergies of $200 million by year three and revenue synergies of $290 million by year five [19][40] 8. **Adjusted Operating Margin**: The combined company aims to expand its adjusted operating margin by approximately 500 basis points by 2030 [18][42] Additional Important Insights 1. **Strategic Fit**: The combination is seen as a unique opportunity to leverage complementary capabilities in regulated high-volume applications, enhancing the growth profile of both companies [12][14] 2. **Innovation Pipeline**: BD's expertise in flow cytometry and microbiology complements Waters' strengths in liquid chromatography, creating opportunities for cross-selling and new product development [23][25][30] 3. **Customer Base**: The merger is expected to enhance customer trust and loyalty, with over 80% of the combined company's revenue coming from iconic brands [16][61] 4. **Market Positioning**: BD's strong presence in diagnostics and microbiology is expected to accelerate Waters' entry into high-growth adjacencies such as bioseparations and bioanalytical characterization [35][37] 5. **Regulatory and Market Access**: The combination will provide Waters with the necessary regulatory and market access capabilities to enhance its diagnostics offerings [76][88] Conclusion The merger between Waters Corporation and BD Biosciences and Diagnostic Solutions is positioned as a transformative move that will create a leader in the life sciences and diagnostics industry, with significant potential for innovation, market expansion, and financial growth. The strategic alignment of both companies' strengths is expected to deliver substantial long-term value to shareholders and customers alike [46][47].

近日， 《金融时报》报道称， 碧迪医疗BD（纽约证券交易所代码：BDX）已开始与几家竞争对手就出售其 生命科学业务展开讨论协商。 该业务估值约在 210亿至300亿美元之间。 据悉，BD 已与 赛默飞世尔 和 丹纳赫 就出售该业务的可能性展开讨论。该公司还在考虑进行 "反向莫里斯信 托"（ 报名：首届全球眼科大会 | 议程更新 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 Reverse Morris Trust，RMT ） 的免 税 交 易，知情人士透露， Waters 、 Qiagen 和 Revvity 都是潜在候 选对象。 # 出售详情 今年2月， 碧迪医疗董事会一致授权管理层推进其生命科学业务的分拆，将其 生物科学和 诊断解决方案部门（Biosciences and Diagnostic Solutions） 从 BD 其 余业务中分离出去，希望通过此举增强战略重点，加大对增长导向型投资和资本分配的投入。分拆的决定源自于碧迪医疗全球2024年初启动的 综合业务产品线整 体评估工作。 目前，碧迪医疗全球董事会正致力于全面探索各种 ...