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Yahoo
15-07-2025
- Business
- Yahoo
Waters, BD biosciences unit agree to $17.5B merger
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Waters has agreed to combine with BD's biosciences and diagnostic solutions business in a deal valued at about $17.5 billion, the companies said Monday. The combined company will continue to operate under the Waters name and retain its listing on the New York Stock Exchange. The BD business will be spun off generally tax-free to BD shareholders and simultaneously merged with a subsidiary of Waters, through a structure known as a Reverse Morris Trust. Waters CEO Udit Batra will lead the new entity, and Waters' headquarters will remain in Milford, Massachusetts. The transaction doubles Waters' total addressable market to about $40 billion, with an annual growth rate of 5% to 7%, according to the statement. Waters shares fell more than 11% to $313.66 in early NYSE trading on Monday, while BD shares were down about 1% at $174.12. BD in February revealed its intention to separate the biosciences and diagnostics business, which generated $3.4 billion in revenue in BD's 2024 financial year. The merger with Waters creates a combined company with expected 2025 sales of about $6.5 billion. Under the agreement, BD shareholders will own about 39.2% of the combined company and Waters the other 60.8%. BD will also receive a cash distribution of about $4 billion before the combination is completed. Waters is expected to assume approximately $4 billion of debt. Waters will acquire both the flow cytometry and the microbiology business of BD, Leerink Partners analyst Puneet Souda said in a report to clients. 'Though BD's flow cytometry is [a] uniquely differentiated and leading business, we don't expect investors to view the deal attractively in the near-term given the dilution and now higher exposure to microbiology,' Souda wrote. Jefferies analyst Tycho Peterson said he expected Waters shares to trade lower due to the deal size and other variables, but longer term saw merits to the transaction including the ability to create scale and an attractive margin profile. The deal is expected to close near the end of the first quarter of calendar year 2026, subject to regulatory approvals, Waters shareholder approval and other closing conditions. Jeff Jonas, portfolio manager at Gabelli Funds, said the merger does not put too much debt on the combined company, which will allow smaller dealmaking to continue. 'It's a good fit for Waters that gets them closer to Thermo Fisher and Danaher in terms of size and scale,' Jonas said in an email. Recommended Reading BD plans split from life science business to fuel medtech investment Sign in to access your portfolio
Boston Globe
14-07-2025
- Business
- Boston Globe
Autodesk drops pursuit of Boston-based software firm PTC
Advertisement TECH Elmo's hacked X account posted racist messages. Sesame Workshop is trying to regain control. 'Elmo's X account was compromised by an unknown hacker who posted disgusting messages, including antisemitic and racist posts. We are working to restore full control of the account,' a Sesame Workshop spokesperson said Monday. Victoria Will/Associated Press Sesame Workshop was trying to regain full control over its Elmo account on the X platform Monday after a hacker gained access and posted a string of racist and antisemitic messages. 'Elmo's X account was compromised by an unknown hacker who posted disgusting messages, including antisemitic and racist posts. We are working to restore full control of the account,' a Sesame Workshop spokesperson said Monday. Sesame Workshop is the nonprofit behind 'Sesame Street' and Elmo. The account was compromised over the weekend and instead of the usual posts of encouragement and kindness, Elmo's 650,000 followers were given antisemitic threats and a profane reference to the Jeffrey Epstein sex trafficking investigation. Those tweets were soon deleted, though Elmo's account retains a link to a Telegram channel from a user who takes credit for the hack. — ASSOCIATED PRESS Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up ACQUISITIONS Advertisement Milford's Waters Corp. strikes $17.5 billion deal to merge with BD's diagnostics unit Udit Batra, CEO of Waters Corp. Waters is merging with a unit of Becton, Dickinson and Co. in a stock-and-cash deal valued at $17.5 billion. Suzanne Kreiter/Globe Staff Milford lab equipment maker Waters Corp. will acquire the biosciences and diagnostic solutions unit of the medical technology company Becton, Dickinson and Co. in a stock-and-cash deal valued at $17.5 billion, the companies said Monday. BD will spin off the diagnostics unit, which will then be merged with a wholly-owned Waters subsidiary. BD shareholders will receive 39.2 percent of the combined company and $4 billion in cash. Waters shareholders will own 60.8 percent of the combined company. The boards of both companies have approved the deal, which is expected to close near the end of the first quarter of 2026, subject to shareholder and regulatory approval. Waters CEO Udit Batra will lead the combined company. BD's biosciences and diagnostic solutions unit focuses on immunology research and infectious disease diagnostics. The company said in February that it was looking to divest the unit to concentrate on medical devices. Waters, which provides lab equipment, software, and supplies to scientists, had nearly $3 billion in sales in 2024. Waters expects the combination with BD's biosciences and diagnostics solutions unit to more than double those revenues. Waters shares fell almost 14 percent in New York trading Monday. BD's shares were up less than 1 percent. — YOGEV TOBY RETURN TO OFFICE Starbucks takes aim at remote work, says some employees may need to relocate to headquarters Starbucks headquarters in Seattle, Wash., on Feb. 27. David Ryder/Bloomberg Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate 'people leaders' must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. 'We are reestablishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster,' Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. — ASSOCIATED PRESS Advertisement GOVERNMENT Powell asks Fed's inspector general to review renovation project Construction on the Marriner S. Eccles Federal Reserve building in Washington, D.C., on June 25. Al Drago/Bloomberg Federal Reserve Chair Jerome Powell has made a formal request that the central bank's inspector general review its $2.5 billion building renovation, according to a spokesperson for the IG's office. Republicans are attacking Powell over cost overruns in the refurbishment of two historic buildings controlled by the Fed, with some using the issue to argue it gives the president legal cause for his dismissal. The attacks follow continual anger directed at the Fed by President Trump for its decisions to hold interest rates steady this year. The IG's office declined to comment further. The request was first reported by Axios. The Fed's IG has already reviewed the building programs over time and Powell has discussed the project with the IG in recent weeks, according to a person familiar with the situation who was not authorized to speak about it publicly. The formal request asks the IG to review cost overruns and any other issue the IG deems appropriate. Michael Horowitz, the Fed's IG, was appointed to the job by Powell in June. — BLOOMBERG NEWS Advertisement MEDIA BBC ends ties with 'MasterChef' host Gregg Wallace after investigation The BBC said in a statement that Wallace's behavior 'falls below the values of the BBC and the expectations we have for anyone who works with or for us.' Frank Augstein/Associated Press The BBC said Monday that it would stop working with Gregg Wallace, a mainstay of the network and the longtime host of its hit television show 'MasterChef,' after an investigation substantiated dozens of sexual misconduct allegations against him. Of the 83 allegations made against Wallace, 45 were upheld, the broadcaster said. These included three instances of him being 'in a state of undress' and one of unwelcome physical contact. The majority of claims against Wallace, who hosted the show for 19 years, involve 'inappropriate sexual language and humor,' but the probe also found allegations of culturally and racially insensitive comments. The investigation, conducted by the law firm Lewis Silkin, involved interviews with 78 witnesses over seven months. It covered incidents between 2005 and 2024. 'The volume and consistency of substantiated allegations' made Wallace's return to the hit cooking show " untenable," according to a statement from the production company behind the show, Banijay. Wallace denied many of the allegations in a statement posted to Instagram. On Monday, he wrote, 'I am deeply sorry for any distress caused.' He also said that 'some of his humor and language missed the mark,' adding, 'A late autism diagnosis has helped me understand how I communicate and how I'm perceived. I'm still learning.' The BBC said in a statement that it had missed opportunities to address his behavior earlier and that it accepted that more 'could and should have been done sooner.' -- NEW YORK TIMES Advertisement ARTIFICIAL INTELLIGENCE Defense Department to begin using Grok, Musk's controversial AI model The chat window for chatbot Grok. Andrey Rudakov/Bloomberg The Defense Department will begin using Grok, the artificial intelligence chatbot built by Elon Musk's start-up xAI, the company said in a post Monday. The xAI announcement came as Grok unveiled what it called 'Grok for Government,' a suite that allows agencies and federal offices to adopt its chatbots for their specific uses. President Trump has encouraged more rapid adoption of artificial intelligence tools since taking office in January. Musk was a member of the Trump administration, overseeing the US DOGE Service, until late May. He has since become a critic of Trump's signature tax and spending legislation. In a news release, the Defense Department said the contract award is worth up to $200 million. The department issued similar awards to Google, Anthropic and OpenAI, it said. Grok came under fire last week after launching into an antisemitic rant and invoking Adolf Hitler after it was a programmed to be less politically correct. The incident prompted the company to say it would improve its model. A day later, xAI unveiled a sweeping update that it claimed put Grok on the cutting edge of AI development. — WASHINGTON POST
CNBC
14-07-2025
- Business
- CNBC
Waters to buy Becton Dickinson unit in a $17.5 billion deal amid tariff pressures
Lab equipment maker Waters Corp will buy a bioscience and diagnostics unit spun off from medtech provider Becton Dickinson in a stock-and-cash transaction valued at $17.5 billion, the companies said on Monday. Becton Dickinson, which had been underperforming in recent months and was targeted by activists, will exit a tariff-sensitive segment of diagnostics and biosciences while doubling down on core medtech, where it may have greater pricing power and a stronger domestic manufacturing base. BD had disclosed plans to separate the business — which makes products used to detect infectious diseases and cancers — in February, then rumored to be worth around $30 billion. The acquisition gives greater scale for Waters, a provider of analytical technologies serving life sciences and diagnostics markets, and the company is expected to double its total addressable market to about $40 billion, with a healthy 5% to 7% annual growth rate. The merged entity may be able to leverage BD's existing U.S.-based manufacturing and regulatory infrastructure to mitigate tariff costs. Still, investor reaction was cautious. Waters shares were down 11.5% at $312.19 and Becton shares were down 0.7% at $174.68 on Monday afternoon, reflecting doubts over the complexity and execution risks associated with the deal's structure, according to JP Morgan analysts. The deal "leaves value creation dependent on the successful integration and execution by Waters management," said JP Morgan analyst Robbie Marcus. Jefferies analysts echoed the sentiment, noting that the deal added complexity to Waters' once-clear growth strategy. The combined business will be led by Waters CEO Udit Batra, widely credited for orchestrating the $17 billion Merck KGaA acquisition of Sigma-Aldrich in 2015, an experience Jefferies analysts said lends credibility to the complex integration process ahead. Becton was underperforming both revenue growth and margins, said Jeff Jonas, portfolio manager at Gabelli Funds, which owns shares of both BD and Waters Corp. In May, BD lowered its annual profit forecast in anticipation of a potential hit from U.S. President Donald Trump's tariffs. "It (BD) can benefit from a more focused management," Jonas said. The deal announced on Monday is structured as a so-called Reverse Morris Trust, which allows a company to avoid a big tax bill by spinning off a unit that it wants to divest while simultaneously merging it with another company. Waters shareholders are expected to own approximately 61% of the combined company. Waters will assume about $4 billion in incremental debt to pay BD $4 billion in cash distribution as part of the transaction. Becton shareholders will own about 39% of the new company, which will trade under Waters' stock symbol.
Reuters
14-07-2025
- Business
- Reuters
Becton to merge unit with Waters in $17.5 billion deal
July 14 (Reuters) - Lab equipment maker Waters Corp (WAT.N), opens new tab will merge with rival Becton, Dickinson and Company's (BDX.N), opens new tab Biosciences & Diagnostic Solutions unit in a $17.5 billion deal, the companies said, creating a larger entity focused on high-volume medical testing. The deal announced on Monday is structured as a so-called Reverse Morris Trust, which allows a company to avoid a big tax bill by spinning off a unit that it wants to divest while simultaneously merging it with another company. The eye-popping deal value signifies the amount of stock that BD shareholders will have in the combined company - about 39.2% - and the $4 billion cash distribution that BD will receive at closing. Becton's biosciences and diagnostic solutions unit makes products used to detect infectious diseases and cancers. The company has been looking to divest the unit to deepen focus on its core business of medical devices. Funding for life sciences and microbiology research has been under pressure in recent years, impacting the performance of BD's biosciences business. Meanwhile, sale of medical devices remained robust post pandemic due to the increased demand for outpatient and other surgeries. The merger doubles Waters' addressable market to $40 billion, enhances recurring revenue streams and accelerates expansion into areas such as bioseparations, bioanalytical characterization and multiplex diagnostics, Waters CEO Udit Batra said. The market reaction, however, was opposite, with Waters' shares falling 5.3% premarket following the announcement. Becton's stock was marginally down. Leerink analysts said investors will likely not view the deal as attractive in the near term, given the higher exposure to microbiology amid recent funding cuts. As part of the deal, which is expected to close in the first quarter of 2026, Waters will assume about $4 billion in incremental debt.
Associated Press
28-05-2025
- Business
- Associated Press
Waters Introduces BioResolve Protein A Affinity Columns to Accelerate Antibody Titer Measurement, Enhancing Process Agility and Batch Quality
News Summary MILFORD, Mass., May 28, 2025 /PRNewswire/ -- Waters Corporation (NYSE:WAT) today announced the launch of the BioResolve™ Protein A Affinity Columns with MaxPeak™ Premier Technology, providing precise titer measurements. This launch marks the first set of affinity chromatography columns that Waters has brought to market, in a groundbreaking move as the Company continues to release new products that solve unmet needs in large molecule separations. The new columns enable earlier access to results in upstream bioprocessing, faster method optimization in downstream development for biologics, and a new level of agility in the discovery, optimization, and manufacturing of antibody-based drug products. 'Today's launch of the BioResolve Protein A Affinity Columns will help to bring lifesaving therapies to patients, faster. One of the main bottlenecks in the development of biotherapeutics like monoclonal antibodies is the time required to identify and optimize a suitable cell line for antibody production,' said Dr. Udit Batra, President and Chief Executive Officer, Waters Corporation. 'We have solved for this by designing a novel, highly efficient particle with an immobilized Protein A surface, and combined this with MaxPeak Premier Hardware, resulting in the most sensitive protein A column on the market.' The BioResolve Protein A Affinity Columns have been designed to provide up to 7x improvements in sensitivity compared to the market leader. The novel, non-porous 3.5 μm particles allow accurate quantitation of antibody titers at lower concentrations and with less sample. In addition, the columns have been designed to couple with size exclusion chromatography columns to measure titer concentrations and aggregate analysis in a single run on any LC system. 'The new column will enhance our ability to support our clients in developing new medicines,' said Arnaud Delobel, R&D and Innovation Director, Quality Assistance. 'It simplifies two-dimensional workflows for simultaneous titer and aggregate analysis, and can be readily integrated into new LC/MS setups to analyze in-process antibody samples without prior purification. By streamlining workflows and enabling simultaneous assessment of multiple critical quality attributes, it helps cut project turnaround times and ultimately supports faster time to market for biologics.' This innovation furthers the Company's commitment to enhancing the analytical toolbox for biomolecule characterization, allowing scientists to speed up the development of safe, efficacious, and accessible biotherapeutics. The columns are available in 2.1 x 20 mm and 3.9 x 5 mm formats and are available to order now. Additional Resources: See application notes and specifications at ABOUT: Waters Corporation (NYSE:WAT) is a global leader in analytical instruments, separations technologies, and software, serving the life, materials, food, and environmental sciences for over 65 years. Our Company helps ensure the efficacy of medicines, the safety of food and the purity of water, and the quality and sustainability of products used every day. In over 100 countries, our 7,600+ passionate employees collaborate with customers in laboratories, manufacturing sites, and hospitals to accelerate the benefits of pioneering science. Waters, BioResolve, and MaxPeak are trademarks of Waters Technologies Corporation. Contact: Molly Gluck Head of External Communications Waters Corporation [email protected] Mobile: +1.617.833.8166 View original content to download multimedia: SOURCE Waters Corporation
