Clifford Chance Advised BD on Global Spin-Off of its Biosciences & Diagnostic Solutions Business
Global law firm Clifford Chance has advised Becton, Dickinson and Company ("BD"), one of the largest global medical technology
Clifford Chance Advised BD on Global Spin-Off of its Biosciences & Diagnostic Solutions Business
Global law firm Clifford Chance has advised Becton, Dickinson and Company ("BD"), one of the largest global medical technology companies, on the successful global spin-off of its Biosciences & Diagnostic Solutions Business. Immediately following the spin-off, the spun-off entity was combined with Waters Corporation ("Waters") to create a global life sciences and diagnostics leader dedicated to accelerating the benefits of pioneering science through analytical technologies, informatics, and service. The transaction is structured in a Reverse Morris Trust transaction valued at approximately US$18.8 billion and closed on 9 February 2026.
Biosciences is a leader in immunology and cancer research solutions and related clinical diagnostics, including flow cytometry instruments and reagents, and innovative multiomics tools. Diagnostic Solutions is a leader in microbiology and infectious disease diagnostics, including molecular diagnostics, cervical cancer screening, microbiology automation, and point-of-care offerings. For calendar year 2025, BD's Biosciences & Diagnostic Solutions business was expected to generate revenue of approximately US$3.4 billion.
The Clifford Chance team responsible for the spin-off was centrally led by a Clifford Chance Germany team and involved almost 20 Clifford Chance offices around the globe.
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.
The Clifford Chance team for BD is led by Simon Schmid (Partner) and Christoph Holstein (Comprised Partner), Ribana Piontek (Senior Associates) and Varinia Keßler (Senior Associate), Tobias Jenne (Associate/ Corporate/ M&A), Sebastian Ritz (Partner), Alexander Stemmler (Senior Associate), Max Klein (Associate/ Employment), Gunnar Sachs (Partner) and Torsten Syrbe (Partner), Annabel Joschko (Senior Associate) and Pia-Sophie Weber (Associate/ Healthcare/ Regulatory, Düsseldorf), Philipp Stoecker (Partner) and Ahmad Zaheri (Senior Associate/ Real Estate), Holger Lutz (Partner) and Michael Kümmel (Senior Associate/ Commercial Contracts, Frankfurt). From the firm's New York office Ben Sibbett (Partner) advised with Stephanie Kilmer (Associate), Vicki Ye (Associate) and Michelle Green (Corporate/ M&A) on the US separation work.
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