EXHIBIT 1(b) PRICING AGREEMENT ----------------- Goldman, Sachs & Co. Chase Securities Inc. Citicorp Securities, Inc. c/o Goldman, Sachs & Co. 85 Broad Street New York, New York 10004 July 29, 1998 Ladies and Gentlemen: 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 July 29, 1998 (the "Underwriting Agreement"), to issue and sell to the Underwriters named in Schedule I 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 a 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 each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, 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 six counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof. Very truly yours, BECTON, DICKINSON AND COMPANY By: /s/ GEOFFREY D. CHEATHAM ------------------------- Name: Geoffrey D. Cheatham Title: Vice President-Finance Operations and Treasurer Accepted as of the date hereof: GOLDMAN, SACHS & CO. CHASE SECURITIES INC. CITICORP SECURITIES, INC. By: GOLDMAN, SACHS & CO. /s/ GOLDMAN, SACHS & CO. - ---------------------------- (Goldman, Sachs & Co.) -2- SCHEDULE I PRINCIPAL AMOUNT OF DESIGNATED SECURITIES TO BE UNDERWRITER PURCHASED ----------- ---------- Goldman, Sachs & Co. ............................... $160,000,000 Chase Securities Inc. .............................. 20,000,000 Citicorp Securities, Inc. .......................... 20,000,000 ------------ Total .............................................. $200,000,000 ============ I-1 SCHEDULE II TITLE OF DESIGNATED SECURITIES: 6.70% Debentures due August 1, 2028 AGGREGATE PRINCIPAL AMOUNT: $200,000,000 PRICE TO PUBLIC: 99.667% of the principal amount of the Designated Securities, plus accrued interest, if any, from August 3 PURCHASE PRICE BY UNDERWRITERS: 98.792% of the principal amount of the Designated Securities, plus accrued interest, if any, from August 3 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, to be made available for checking by the Representatives at least twenty-four hours prior to the Time of Delivery at the office of DTC. SPECIFIED FUNDS FOR PAYMENT OF PURCHASE PRICE: Federal (same day) funds INDENTURE: Indenture dated March 1, 1997, between the Company and The Chase Manhattan Bank, as Trustee MATURITY: August 1, 2028 INTEREST RATE: 6.70% INTEREST PAYMENT DATES: February 1 and August 1 REDEMPTION PROVISIONS: No provisions for redemption II-1 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), August 3, 1998 CLOSING LOCATION: Sullivan & Cromwell 125 Broad Street New York, New York 10004 NAMES AND ADDRESSES OF REPRESENTATIVES: Goldman, Sachs & Co. Chase Securities Inc. Citicorp Securities, Inc. c/o Goldman, Sachs & Co. 85 Broad Street New York, New York 10004 II-2