Medical testing company Theranos has told its investors it has reached an agreement in principle to settle a lawsuit by Walgreens.
In an update to an ongoing investigation by The Wall Street Journal, embattled start-up company Theranos has reached a tentative agreement to pay Walgreens just under $30 million.
The terms are part of an agreement in principle. Both companies have declined to comment on the possible deal. Theranos was once valued at $9 billion, but the Palo Alto-based company ran into trouble after reports suggested its blood-testing devices — which promised results using just one drop of blood — were flawed and inaccurate.
Walgreens terminated its relationship with Theranos of last year, and closed operations at all 40 Theranos Wellness Centers in Arizona.
