Waters Corporation

“Later this morning, we expect to close the combination of our life sciences business with Waters via a Reverse Morris Trust transaction.”

BD is divesting its Biosciences & Diagnostic Solutions life-sciences business to Waters via a Reverse Morris Trust, closing early and bringing BD a $4B cash distribution plus ~20 plants transferring to Waters.

“the value that BD shareholders will get on the earnings that moves to Waters as part of the spin is coming at a significant premium multiple”

BD highlights that the earnings moving to Waters in the spin are valued at a significant premium multiple (near 2x BD's ~20x), underscoring the transaction's accretive value.

“The combination of our Biosciences and Diagnostic Systems business with Waters continues to be a significant strategic and financial opportunity to unlock value for our investors.”

BD is combining its Biosciences and Diagnostic Solutions businesses with Waters via a Reverse Morris Trust, which BD frames as a major value-creation catalyst.

“we intend to use at least half of the approximately $4 billion cash distribution from Waters to buy back shares, with the balance for debt repayment”

Deal terms: Waters will pay BD an approximately $4 billion cash distribution as part of the Reverse Morris Trust combination, sizing the capital Waters is deploying.

“we announced that we entered into an agreement to combine our Biosciences and Diagnostic Solutions business with Waters through a tax-efficient Reverse Morris Trust. We strongly believe that Waters is the right partner and firmly believe in management's strategy and ability to unlock the value of these assets.”

BD is combining its Biosciences and Diagnostic Solutions business into Waters via a Reverse Morris Trust, a major inbound scale-up for Waters that BD endorses management's ability to execute.

“we announced a co-marketing agreement with Waters Corporation aiming to expand the market awareness of the biotherapeutic characterization capabilities of the Maurice Flex”

Bio-Techne signed a co-marketing agreement with Waters Corporation to jointly promote biotherapeutic characterization capabilities, a positive commercial collaboration for Waters in analytical instrumentation.

“Today also marks a transformative step forward as we complete the acquisition of BD's Biosciences and Diagnostic Solutions business.”

Waters completed its acquisition of BD's Biosciences and Diagnostic Solutions business (~$3B revenue), though the acquired unit came in below expectations on China DRG, a weak flu season and shutdown-related export delays.

“BD's Kiestra platform has roughly 10% to 20% growth in Europe over the last couple of years, whereas in the U.S., the penetration is at a very low level.”

Waters highlights strong European growth and low U.S. penetration of BD's Kiestra microbiology automation platform, signaling upside in the BD diagnostics assets Waters is acquiring.

“our pending combination with BD's Biosciences & Diagnostic Solutions business represents a powerful catalyst for near-term synergy realization and long-term value creation.”