Inverness Medical to acquire Free and Clear

Inverness Medical has made an agreement to acquire Free and Clear, a firm specialising in evidence-based programmes related to the causes of chronic health conditions.

Free and Clear, which turned over revenues of $47.1 million (29 million pounds) in 2008, will be bought in a $100 million cash transaction by Inverness Medical, including a $30 million future contingent payment, based on its 2010 income.

The acquisition is expected to close on or around September 28th, 2009.

It is currently headquartered in Washington and it deals, in particular, with the four major causes of chronic conditions – poor nutrition, tobacco usage, stress and physical inactivity.

Inverness Medical, which specialises in diagnostic products related to infectious diseases, cardiovascular conditions and women’s health, has more than 9,000 employees, 400 of which work in research and development.