Danaher Corp. (NYSE: DHR) agreed to buy molecular diagnostics company Cepheid (Nasdaq: CPHD) in a deal valued at about $4 billion, including debt, the first purchase since spinning off its industrials businesses to focus on science and technology. The offer is $53 a share in cash for all of the outstanding shares of Cepheid, Danaher said in a statement.

Danaher averaged 10 acquisitions per year in the last decade while widening profit margins, before completing its separation in July. With Cepheid, it is gaining a maker of medical instruments that enable genetic testing for infectious diseases, among others. Cepheid’s shares had dropped 46 percent since its July 2015 all-time high, mirroring declines in biotechnology stocks.

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