Inverness Buying Free & Clear for Up To $130 Million

Inverness Medical Innovations Inc. (NYSE: IMA) has agreed to acquire Free & Clear Inc., a Seattle-based provider of health risk services. The deal includes a $100 million up-front cash payment and up to $30 million in earn-outs based on 2010 revenue. Free & Clear raised around $19 million in VC funding since 2003, from firms like Kaiser Permanente Ventures, Polaris Venture Partners and Three Arch Partners.