A medical imaging company is born. Or, rather, another medical imaging company goes public.

Varian Medical Systems Inc. (NYSE: VAR) paid $276 million for the medical imaging business of PerkinElmer (NYSE: PKI) back in December 2016. That business, based in Santa Clara, California, supplies flat panel x-ray detectors that serve as components for industrial, medical and dental x-ray imaging systems.

That deal was part of Varian’s plan to spin off its Imaging Components business. That feat was accomplished in January 2017, with the launch of Varex Imaging Corporation (NASDAQ: VREX), with a market cap of $1.09 billion.

Under the terms of the separation, Varian stockholders received 0.4 shares of Varex for every one share of Varian they held as of the record date of January 20, 2017.  Varex shares were distributed at 12:01 PT on January 28, 2017 in a distribution that is intended to be tax-free for U.S. federal income tax purposes.  Varian has approximately 94 million shares outstanding and Varex has approximately 38 million shares outstanding. Varian received a $200 million cash payment from Varex as part of the separation.

For Varian, the spin off allows it to focus exclusively on expanding its position as the leader in systems and software for the treatment of cancer, according to CEO Dow Wilson, in a press statement.

Now Varex is focused on being a high-volume manufacturer of X-ray tubes, flat panel detectors and high-voltage connectors as well as a supplier of imaging software and specialized accelerators for high-energy x-ray imaging.

PerkinElmer wasn’t wasting any time, either. On January 9, 2017, the company announced its acquisition of Tulip Diagnostics Private Ltd., based in Goa, India. Three days later, the deal was featured in PerkinElmer CEO Robert Friel’s presentation to analysts at the annual JP Morgan Healthcare Summit. Financial terms were not disclosed.

Tulip Diagnostics specializes in in-vitro diagnostic reagents, kits and instruments. Its products are focused on the prevention, screening and diagnosis of infectious diseases such as malaria, HIV and hepatitis.

In-vitro diagnostics is one of the fastest growing vertical segments in India, and Tulip provides the key enablers for PerkinElmer to broaden its infectious disease screening menu and capabilities throughout the region.

Some 40% of PerkinElmer’s diagnostics revenue comes from emerging markets, and this deal adds to the company’s significant infrastructure in China & India.