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Inverness Buys Free & Clear

Waltham, MA-based Inverness Medical Innovations (NYSE: IMA) said today that it has acquired Seattle-based Free & Clear for $100 million in cash, plus up to $30 million in potential follow-on payments based on Free & Clear’s 2010 revenues. Inverness manufactures consumer diagnostic tests such as pregnancy tests, and also provides wellness and disease management services through its Alere subsidiary. Free & Clear, which was backed by Polaris Venture Partners, Three Arch Partners, and Kaiser Permanente Ventures, offers telephone-based coaching for company employees battling tobacco addiction, obesity, and stress.

Wade Roush is Xconomy's chief correspondent. You can e-mail him at wroush@xconomy.com, call him at (617) 252-7323, or follow him on Twitter at http://twitter.com/wroush.

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