Ropes & Gray Advising BD on the $17.5 Billion Combination of Its Biosciences & Diagnostic Solutions Business with Waters, Creating a Life Science and Diagnostics Leader

In The News
July 14, 2025

Ropes & Gray is advising BD (Becton, Dickinson and Company) on the antitrust and FDI aspects of a definitive agreement to combine its Biosciences & Diagnostic Solutions business with Waters Corporation, creating an innovative life science and diagnostics leader with pioneering technologies and an industry-leading financial outlook. The agreement is structured as a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion.

The Ropes & Gray team was led by antitrust partners Ruchit Patel and Jonathan Klarfeld with support from associates Vincenzo Volpe, Katie Gerasimidis and Alyx Klotz.