Inverness Medical To Buy Free & Clear

WALTHAM, Mass. (AP) -- Medical diagnostics company Inverness Medical Innovations Inc. said Monday it agreed to acquire Seattle-based Free & Clear Inc. for $100 million cash and up to $30 million in future contingency payments.

Free & Clear, which specializes in programs addressing chronic disease, had $47.1 million in 2008 revenue, Inverness said in a statement. The acquisition is expected to close on or around Sept. 28. The contingency payments will depend on 2010 revenues.

Inverness' Alere health management business will conduct the acquisition, the company said.

Shares of Inverness rose 82 cents, or 2 percent, to $40.82 in morning trading.

More in Supply Chain