Walgreens once hosted about 40 Theranos blood-testing centers, providing a main conduit to consumers
A seven-year relationship between Theranos Inc. and Walgreens that soured into a costly feud for the drugstore giant will soon come to a close.
Theranos has told its investors it has reached an agreement in principle to settle a lawsuit by Walgreens Boots Alliance Inc. that had alleged the embattled laboratory startup breached the companies’ contract, people familiar with the matter said. Walgreens’ stores once hosted about 40 Theranos blood-testing centers, providing a main conduit to consumers.
The pact would mean Walgreens’ alliance with Theranos cost the drug retailer well over $100 million. In its suit, Walgreens had sought to recover the full $140 million it put into the partnership, including a $40 million convertible-debt note and a separate payment as part of an effort to expand the partnership....MORE