EXHIBIT 1 Pricing Agreement ----------------- Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004 October 8, 1996 Dear Sirs: Becton, Dickinson and Company, a New Jersey corporation (the "Company"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated January 10, 1995 (the "Underwriting Agreement"), to issue and sell to the Underwriters named in Schedule 1 hereto (the "Underwriters") the Securities specified in Schedule II hereto (the "Designated Securities"). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Prospectus (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus as amended or supplemented relating to the Designated Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Representatives and on behalf of each of the Underwriters of the Designated Securities pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth at the end of Schedule II hereto. An amendment to the Registration Statement, or an amendment and supplement to the Prospectus, as the case may be, relating to the Designated Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission. Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to the Underwriters, and the Underwriters agree to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto. If the foregoing is in accordance with your understanding, please sign and return to us seven counterparts hereof, and upon acceptance hereof by you this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between you and the Company. Very truly yours, Becton, Dickinson and Company /s/ Geoffrey D. Cheatham By: ___________________________ Name: Geoffrey D. Cheatham Title: Vice President and Treasurer Accepted as of the date herof: /s/ Goldman, Sachs & Co. ______________________________ (Goldman, Sachs & Co.) SCHEDULE I Principal Amount of Designated Securities to be Underwriter Purchased - ----------- --------- Goldman, Sachs & Co. .............................. $100,000,000 ------------ Total ............................ $100,000,000 ============ SCHEDULE II Title of Designated Securities: 6.90% Notes Due October 1, 2006 Aggregate principal amount: $100,000,000 Price to Public: 99.861% of the principal amount of the Designated Securities Purchase Price by Underwriters: 99.211% of the principal amount of the Designated Securities Form of Designated Securities Book-entry only form represented by one or more global securities deposited with The Depository Trust Company ("DTC") or its designated custodian. Specified funds for payment of purchase price: Federal (same day) funds Indenture: Indenture dated as of December 1, 1982, as supplemented as of May 15, 1986 and January 10, 1995 (collectively, the "Indenture"), between the Company and The Chase Manhattan Bank (fomerly known as Chemical Bank), as successor to Manufacturers Hanover Trust Company, as Trustee. Maturity: October 1, 2006 Interest Rate: 6.90% Interest Payment Dates: April 1 and October 1, commencing April 1, 1997 Record Dates: March 15 and September 15 Redemption Provisions: No redemption provisions. Sinking Fund Provisions: No sinking fund provisions. Defeasance provisions: The defeasance provisions of the Indenture are applicable to the Designated Securities. Time of Delivery: 10:00 a.m. (New York City time), October 11, 1996. Closing Location: Sullivan & Cromwell 125 Broad Street New York, New York 10004 Names and addresses of Representatives: Goldman, Sachs & Co. 85 Broad Street New York, New York 10004