Inverness Medical Innovations ( IMA) launched a smaller health stock on acquisition news, while other stocks in the sector high-stepped through Tuesday on favorable earnings.

Inverness said Tuesday that it's acquiring HemoSense ( HEM), which makes handheld blood coagulation monitoring systems for patients taking anticoagulant warfarin, in an all-stock deal. Each share of HemoSense common stock will be reimbursed with 0.274192 shares of Inverness common stock, which the companies said represents a 37.5% premium based on the average trading prices of both companies over the last five trading days.

HemoSense bolted $2.68, or 29%, to $11.95, and Inverness gave up 98 cents, or 2.1%, to $45.46.

In earnings news, biopharmaceutical company Acadia ( ACAD) reported a net loss of $10.8 million, or 29 cents a share, compared to a loss of $11.9 million, or 43 cents a share, in the year-ago quarter. Analysts surveyed by Thomson Financial had expected a loss of 39 cents a share. Acadia gained $1.31, or 8.7%, to $16.56.

Also, Mentor's ( MNT) shares perked up from quarterly earnings supported by robust sales of its MemoryGel breast implants. Shares added $6.27, or 15.3%, to $47.26.

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