Waltham MA based Inverness Medical Innovation Systems acquires Seattle based Free & Clear for around $130 Million

Waltham, MA-based Inverness Medical Innovations (NYSE: IMA) 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 Medical Innovations manufactures consumer diagnostic tests such as pregnancy tests, and also provides wellness and disease management (DM) services through its Alere subsidiary. Free & Clear, which was backed by Waltham, MA -based Polaris Venture Partners, Three Arch Partners, and Kaiser Permanente Ventures, offers telephone-based coaching for company employees battling tobacco addiction, obesity, and stress.