Inverness Buys Free & Clear
Wade Roush9/21/09
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 and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.
