With Theranos Lawsuit, Walgreens Hoping To Squeeze Single Drop Of Blood From Stone

The pharmacy might want to use some of Theranos's magic technology to see that cash.
Author:
Updated:
Original:

When it comes to entries in the it-couldn't-possibly-get-any-worse department, Theranos has become a true standout. So it's a bit of a bummer that the latest turn of events for the embattled blood testing startup occurred late on election day, when most eyes are trained elsewhere.

ElizabethHolmes.Broke

As intrepid WSJ reporter John Carreyrou reports, via Twitter, Walgreens has filed a $140 million lawsuit against Theranos. It's not the first lawsuit to follow revelations that the company's once-vaunted technology – which promised to test for a wide array of ailments using a single drop of blood – may have been a giant sham all along. A hedge fund investor got that ball rolling last month.

After Carreyrou punctured the Theranos bubble last year, it came to light that Walgreens, eager to make a deal with the much-hyped startup, didn't even enter Theranos's lab to observe its innovations in action. Walgreens ended up becoming the startup's biggest business partner.

However the lawsuit turns out, it's another nail in the coffin of Theranos, which has scaled back its ambitions and halted its drug tests. The Clinton campaign, however, can take some relief in the news. If they can peel their eyes from Slate, some Clinton staffer out there must be patting themselves on the back for the decision to distance their candidate from Theranos founder Elizabeth Holmes early in the campaign.

Related