Singapore, July 14 -- US-based Waters Corporationand BD (Becton, Dickinson and Company) have announced a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters, 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 combined company will have best-in-class liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions, doubling Waters' total addressable market to approximately$40 billion.

Over 70% of the combined company's revenue is expected to be recurring annually and over half of i...