贝克顿的生物科学和诊断部门预计将与沃特世进行175亿美元的合并-动脉网

Becton's Biosciences And Diagnostics Arm Slated To Join Waters In $17.5 Billion Merger

benzinga 等信源发布 2025-07-14 08:25

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Becton, Dickinson and Company

碧迪公司

BDX

has agreed to combine its Biosciences & Diagnostic Solutions business with

同意将其生物科学与诊断解决方案业务与

Waters Corporation

沃特世公司

WAT

。

The agreement is structured as a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. The transaction is expected to close around the end of the first quarter of calendar year 2026.

该协议被设计为一项税收效率高的反向莫里斯信托交易，价值约为175亿美元。预计该交易将在2026年日历年第一季度末左右完成。

Biosciences segment

生物科学领域

offers immunology and cancer research solutions and related clinical diagnostics, including flow cytometry instruments, reagents, and multiomics tools.

提供免疫学和癌症研究解决方案及相关临床诊断，包括流式细胞仪、试剂和多组学工具。

Also Read:

另请阅读：

Becton Dickinson Vitals Drop: Analysts ‘Have Been Wrong’ On This Med Tech Stock For Years

贝克顿·迪金森生命体征下跌：分析师多年来一直在错判这只医疗科技股

Diagnostic Solutions offers microbiology and infectious disease diagnostics, including molecular diagnostics, cervical cancer screening, microbiology automation, and point-of-care offerings.

诊断解决方案提供微生物学和传染病诊断，包括分子诊断、宫颈癌筛查、微生物学自动化以及即时检测产品。

For calendar year 2025, BD’s Biosciences & Diagnostic Solutions business is expected to generate revenue of approximately $3.4 billion and adjusted EBITDA of

对于2025年历年，BD的生物科学与诊断解决方案业务预计收入约为34亿美元，调整后息税折旧摊销前利润为

approximately $925 million

大约 9.25 亿美元

。

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Financial Benefits

财务效益

The transaction is expected to create approximately $200 million of cost synergies by year three post-closing, and approximately $290 million of revenue synergies by year five, resulting in approximately $345 million of annualized EBITDA synergies by 2030.

预计该交易将在交割后第三年带来约 2 亿美元的成本协同效应，并在第五年带来约 2.9 亿美元的收入协同效应，到 2030 年将实现约 3.45 亿美元的年化 EBITDA 协同效应。

Cost synergies are expected to be driven primarily by manufacturing, supply chain, and SG&A optimization while maintaining a strong commitment to R&D and commercial investments.

预计成本协同效应将主要由制造、供应链和销售管理优化驱动，同时坚持对研发和商业投资的高度重视。

Revenue synergies are expected from commercial excellence, accelerating expansion into high-growth adjacencies, and realizing cross-selling opportunities.

预计收入协同效应将来自商业卓越性、加速扩展到高增长的相邻领域以及实现交叉销售机会。

The combined company is expected to generate pro forma revenue of approximately $6.5 billion and approximately $2.0 billion in pro forma adjusted EBITDA for calendar year 2025.

合并后的公司预计将在2025年日历年实现约65亿美元的备考收入和约20亿美元的备考调整后息税折旧摊销前利润（EBITDA）。

On a pro forma basis, the combination is expected to deliver mid-to-high single-digit revenue growth and mid-teens adjusted EPS growth on an annualized basis between 2025 and 2030.

预计在2025年至2030年期间，按备考基础计算，此次合并将带来中高个位数的营收增长和中十几的调整后每股收益年化增长。

By 2030, the pro forma combined company is expected to have an industry-leading financial outlook with approximately $9 billion in revenue, $3.3 billion in adjusted EBITDA, and an adjusted operating margin of 32%.

到 2030 年，合并后的新公司预计将迎来行业领先的财务前景，收入约为 90 亿美元，调整后的息税折旧摊销前利润 (EBITDA) 达 33 亿美元，调整后的营业利润率为 32%。

The transaction is expected to be accretive to adjusted EPS in the first year post-closing.

该交易预计将在交割后的第一年对调整后的每股收益产生增值。

Commenting on the transaction,

就此交易发表评论，

Flemming Ornskov

弗莱明·奥恩斯科夫

, Chairman, Waters, said, “This transaction marks a pivotal milestone in Waters’ transformation journey as we embark on a new chapter of growth and value creation. As the Board of Directors evaluated this opportunity throughout the process, it became evident that combining with BD’s Biosciences & Diagnostic Solutions business is an excellent strategic fit with complementary strengths.

沃特斯董事长表示：“此次交易标志着沃特斯转型之旅中的一个关键里程碑，我们即将开启增长与价值创造的新篇章。在董事会全程评估这一机会的过程中，很明显，与BD的生物科学和诊断解决方案业务合并是一个具有互补优势的绝佳战略契合。”

We are confident that this combination will accelerate our strategy in multiple high-growth markets and deliver substantial near- and long-term value to our shareholders.”.

我们相信，这一组合将加速我们在多个高增长市场的战略，并为我们的股东带来显著的短期和长期价值。”

BD’s shareholders are expected to own approximately 39.2% of the combined company, and existing Waters shareholders are expected to own approximately 60.8%. BD will also receive a cash distribution of approximately $4 billion before completion of the combination.

预计BD的股东将拥有合并后公司约39.2%的股份，而现有的沃特世股东预计将拥有约60.8%的股份。在合并完成之前，BD还将获得约40亿美元的现金分配。

Waters is expected to assume approximately $4 billion of incremental debt, resulting in a net-debt-to-adjusted EBITDA leverage ratio for the combined company of 2.3x at closing.

沃特世预计将承担约40亿美元的增量债务，合并后公司的净债务与调整后EBITDA的杠杆比率在交易完成时将达到2.3倍。

Price Action:

价格走势：

WAT stock was down 5.07% at $335, and BDX stock was down 0.84% at $174.50 during the premarket session at last check Monday.

周一最后一次检查时，WAT股票在盘前交易中下跌5.07%，至335美元，BDX股票下跌0.84%，至174.50美元。

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