Life Science M&A Analysis 2025
5
Min Read
In this blog:
- Learn more about the deals involving BD and Waters, Bruker and Biocrates and Bio-Rad and Stilla Technologies with CiteAb reagent data insight
- Discover the companies’ perspectives
- Delve into citation-based market data to understand company positioning
CiteAb collects research reagent data from the scientific literature to power a reagent and image search engine for scientists, and market data services for pharma/biotech, investors and reagent companies.
Over the past year, the life science sector has continued to see strategic acquisitions focused on expanding technology platforms, strengthening reagent and instrument portfolios, and supporting evolving research. In fact, reports have shown a sizeable increase in M&A spending in the life sciences, largely driven by big pharma. [1,2]
Each year on our blog we spotlight several influential M&As in the life sciences and share insights on the companies involved. To do so, we use our quantitative reagent market data drawing on a unique database that covers over 650 life science companies.
In this life science M&A analysis, we explore data on the following companies: Waters and BD, Bruker and Biocrates, and Bio-Rad and Stilla Technologies.
This is not an exhaustive list of life science M&As in 2025 – but we will be looking out for further deals citation-based data has shown to be impactful as the year progresses, and sharing new analysis.
Waters (NYSE:WAT) and BD (NYSE:BDX)
Companies’ Perspective
To combine strengths in analytical instrumentation, biological research and clinical diagnostics, to support drug development and emerging biomedical applications.
Press Release
See the BD- Waters Acquisition Press Release here.
Waters announced their acquisition of BD’s Biosciences and Diagnostic Solutions business in July 2025 for approximately $17.5bn. Just last month, they shared the completion of the deal.
This life science M&A aimed to strengthen capabilities across solutions such as liquid chromatography, mass spectrometry, flow cytometry and diagnostics. Waters is a leading provider of analytical instruments, whilst BD has a strong footprint in flow cytometry.
Strikingly, the acquisition doubles Waters’ total addressable market. Under the leadership of former Merck KGaA life science leader Udit Batra, it also looks to move them strategically further into the biosciences space.
CiteAb Reagent Data Insights
Waters’ strength lies in the instrument market. Supporting this, upon examining CiteAb instrument data we found that Waters ranked as the third most cited supplier in the mass spectrometry market. They have maintained this position over the past four years. This demonstrates a strong existing foothold to expand on through this acquisition.
Staying in the instrument space, our reagent market data shows that BD, unsurprisingly, held impressive market share in the flow cytometer instrument market. They are well-established leaders in this space. They hold a market share of around 70% and dominance extending back over ten years.
BD also ranked as the 8th most cited research antibody supplier. If we zone in on primary conjugated antibodies (reagents which are used in flow cytometry) BD saw strong performance, aligning with their dominance for flow cytometer instruments. They claimed the second most citations for these products in the scientific literature.
In a previous analysis into life science M&As, we commented on BD’s acquisition of Cytognos. This acquisition aimed to support their flow cytometry leadership, enabling them to stay competitive.
Interestingly, we saw an example of their growing presence and competitiveness during our most recent analysis into the top 100 cited antibodies of the year. BD very narrowly missed out on the top 100, with their BD Pharmingen™ antibody placing 102nd.
This demonstrates significant research use of their products, as well as a leading indicator for future purchasing trends. This would be their first entry into the top 100 antibody list.
Coupling BD’s broad footprint with Water’s expertise in instruments could work to expand the presence and reach of both of these companies. We will be watching our data to see the impact.
You can read a more in-depth analysis into the BD Waters deal on our blog which we released in July 2025.
Bruker (NASDAQ: BRKR) and Biocrates
Companies’ Perspective
To enhance Bruker’s metabolomics portfolio and support expansion into comprehensive multiomics workflow solutions.
Press Release
Read the Bruker-Biocrates press release here.
In 2025 it was announced that Bruker acquired Biocrates, a global leader in mass spectrometry (MS)-based quantitative metabolite and lipid analysis kits.
Biocrates’ mass spectrometry expertise (ranging from kits to assays, software and services) support biomedical research with over 1000 metabolites covered by their kits.
Bruker highlighted that the acquisition strengthens its metabolomics ecosystem. It also complements its continued expansion into multiomics solutions. Looking at the wider picture, this complements past acquisitions of companies such as PreOmics and Biognosys.
Leadership spoke on the benefits of this acquisition including the ability to scale Biocrates’ reach and impact through Bruker, whilst staying aligned to common goals of reproducibility and accessibility.
CiteAb Reagent Data
Given this acquisition’s focus, we dived into our instrument data to better understand Bruker’s current marketing positioning.
By number of instruments available, mass spectrometers are a highly competitive product. Bruker ranked as the 5th most cited supplier in this space. They claimed a percentage share of the market of around 5%, when looking at data over the past five years.
Impressively, their microflex LT mass spectrometer ranked as the 12th most cited instrument, claiming this position since 2020. Overall, we saw 5 of their instruments in the top 50.
It is worth noting that although our data showed strong leadership in this space, we did see a slight declining trend in recent years compared to other players. Will their acquisition of Biocrates have an impact?
Biocrates provides more specialised products. As a result, they may benefit from Bruker’s reach and current positioning in the market.
Bio-Rad (NYSE: BIO) and Stilla Technologies
Companies’ Perspective
To expand Bio-Rad’s digital PCR portfolio and support a broader range of genomics and applied science applications.
Press Release
Read the Bio-Rad Stilla press release here.
Bio-Rad Laboratories announced plans to acquire Stilla Technologies, a leading developer of digital PCR instruments, consumables, and assays, in early 2025. Coupled with Bio-Rads’ expertise in this area, the acquisition is set to enable the companies to serve ‘the full range of digital PCR applications’.
Stilla’s Nio® family of all-in-one digital PCR systems supports a wide range of genetic testing and molecular analysis applications. These systems will now be combined into Bio-Rad’s portfolio which includes the recently launched QX Continuum™.
Benefits of digital PCR to researchers include absolute quantification and improved accuracy compared to qPCR methods.
Stilla CEO Rémi Dangla emphasised the complementary strengths of the two businesses, citing Stilla’s innovation culture and Bio-Rad’s global reach and operational scale.
CiteAb Reagent Data
Given the aim of this acquisition to combine global reach with innovation, we started by taking a broad view of Bio-Rad’s current positioning across multiple reagent markets.
In the life science kits market, we found that Bio-Rad ranked within the top 40. They saw a peak market share in 2021. This could be due to increased demand for PCR and diagnostic reagents during the COVID-19 pandemic.
Our data shows they did have prominence in more specialist kit spaces. An example is the multiplex kits market, where they ranked as the 5th most cited supplier as of 2025 with around 9% share. Many of Stilla’s kits support multiplexing.
In the research antibody space, we found that Bio-Rad ranked as the 23rd most cited supplier, holding similar positions when we broke this down by primary and secondary antibodies.
They also showed notable impact in the protein market. Two of their growth factors featured in the top 100 cited growth factor ranking for 2025, demonstrating significant research use.
Given Bio-Rad’s strong performance across multiple markets, we may expect that their reach will benefit Stilla’s more specialist products and grow their impact further.
Wrap-up
These recent life science acquisitions demonstrate how leading life science companies are leveraging strategic deals to expand technology ecosystems and support rapidly advancing applications areas such as multiomics, metabolomics, and genomics.
We will continue to follow trends in our reagent citation data to track how these life science deals influence market positioning, product adoption, and research activity.
To learn more about how market data can provide insights into the major players and trends in the life science sector, get in touch with the CiteAb team.
We offer a variety of data solutions to support organisations of all sizes across supplier companies, biotech, pharma, and investment companies.
References
[2] https://www.mckinsey.com/capabilities/m-and-a/our-insights/life-sciences-dealmaking-gains-momentum-as-strategic-pressures-intensify
