The Financial Times reports today that an activist investor wants BD
(NYSE: BDX)
to sell off its Life Sciences business unit.
According to the report, Starboard Value took a stake in BD and now aims to convince the company to separate the Life Sciences unit. FT says Starboard already met with company management and sent a letter to the board related to its wishes for the sale. The report cites people familiar with the matter.
FT did not know the size of the stake taken in BD by Starboard. Activist investors have made their presence known across medtech recently, including at companies like Smith+Nephew and Masimo. As recently as last month, an activist investor increased its stake in Smith+Nephew.
Meanwhile, a drawn-out proxy battle between activist investors and Masimo management ended with activist investor Politan ousting founder and CEO Joe Kiani from his post. Going back to 2023, activist investor Icahn overtook board positions at Illumina amid the scrutiny over its failed acquisition of former spinout Grail.
As for BD, its Life Sciences business brought in nearly $5.2 billion in 2024, contributing 25.7% of the medtech giant’s overall revenues for the year. The unit includes the company’s Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business nuts. IDS includes specimen management technologies, while BDB offers technologies like cell analyzer technology and cancer reagents.
