• Industry
• 2 min read

Khaitan, Clifford Chance act on Becton Dickinson’s global spin-off of its biosciences and diagnostic solutions business

Following the spin-off, the spun-off entity was combined with Waters Corporation to create a global life sciences and diagnostics leader.

• ETLegalWorld

• Published On Apr 21, 2026 at 11:42 AM IST

Khaitan & Co and Clifford Chance advised Becton Dickinson and Company, one of the largest global medical technology companies, in relation to the spin-off of its biosciences and diagnostic solutions business for an ultimate sale to Waters Corporation.

In connection with the transaction, Becton Dickinson shareholders will receive approximately 0.135 shares of Waters common stock for each share of Becton Dickinson common stock that they held as of the close of business on February 5, 2026, the record date for the spin-off, with cash in lieu of any fractional shares of Waters common stock, and Becton Dickinson received USD 4 billion of cash.

Advt Following the spin-off, the spun-off entity was combined with Waters Corporation to create a global life sciences and diagnostics leader. The transaction is structured in a Reverse Morris Trust transaction valued at approximately USD18.8 billion.

Khaitan's core team consisted of partners Rabindra Jhunjhunwala, Kevin Shah, principal associate Rakshitha Naik and associate Vaidehi Chipkar with assistance from the following:

Employment aspects of this transaction were handled by partner Deepak Kumar and principal associate Archika Dudhwewala. SEZ related aspects were led by partner Mayank Jain and principal associate Pranay Sahay.

The Clifford Chance team was led by partner Simon Schmid and comprised partner Christoph Holstein, senior associates Ribana Piontek and Varinia Keßler, associate Tobias Jenne (all Corporate/M&A), partner Sebastian Ritz, senior associate Alexander Stemmler, associate Max Klein (all Employment), partners Gunnar Sachs and Torsten Syrbe, senior associate Annabel Joschko and associate Pia-Sophie Weber (all Healthcare/Regulatory), partner Philipp Stoecker and senior associate Ahmad Zaheri (both Real Estate), partner Holger Lutz and senior associate Michael Kümmel (both Commercial Contracts, all Frankfurt).

Advt From the firm's New York office partner Ben Sibbett advised with associates Stephanie Kilmer, Vicki Ye and Michelle Green (all Corporate/M&A) on the US separation work.

In addition, lawyers from Clifford Chance offices in Amsterdam, Barcelona, Brussels, Hong Kong, Istanbul, London, Milan, New York, Paris, Prague, Riyadh, Shanghai, Singapore, Sydney, Tokyo and Warsaw advised on the matter.