A deal for Becton Dickinson’s biosciences and diagnostic solutions unit puts Waters Corp. in a greater position to compete with larger life-science companies, but integration risks can’t be discounted,

Shares of Becton Dickinson and Co. dropped in early Monday trading after the medical-products company announced a deal to merge its biosciences and diagnostic business with Waters Corp. The deal, which the companies said was valued at approximately $17.

Waters said it reached a deal to buy the Biosciences & Diagnostic Solutions business of Becton Dickinson for around $17.5 billion.