Walgreens Files $140 Million Suit Against Theranos

Amid the election fervor Tuesday, Walgreens Boots Alliance (WBA) quietly took action against its former partner, Theranos, for breach of contract.

The retail pharmacy filed a $140 million lawsuit against the embattled blood test device maker, suing for breach of contract, in the District Court of Delaware. The $140 million is the same amount Walgreens initially invested in Theranos back in 2010.

"We are disappointed that Walgreens filed this lawsuit," Elizabeth Holmes (pictured), founder and CEO of Theranos said in a statement. "Over the years, Walgreens consistently failed to meet its commitments to Theranos."

On June 12 Walgreens announced that it would terminate its relationship with Theranos and close all 40 of its Theranos Wellness Centers, which operated in Arizona. This followed the company's January announcement that it was halting Theranos lab testing operations at its Palo Alto, Calif. location.

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From Theranos's perspective, this is misconduct on the part of Walgreens.

"Through its mishandling of our partnership and now this lawsuit, Walgreens has caused Theranos and its investors significant harm," Holmes said in a statement. "We will respond vigorously to Walgreens' unfounded allegations and will seek to hold Walgreens responsible for the damage it has caused to Theranos and its investors."

Walgreens officials declined request for comment, but did confirm that the company had filed a lawsuit. Theranos could not be reached for further comment.

The company's share price saw a 2% boost Wednesday, hitting $81.68 per share after tanking on Tuesday morning as a result of CVS Caremark's (CVS) poor third quarter earnings.

These announcements likely won't move the needle much on Walgreens' impending acquisition of Rite Aid (RAD) .

Walgreens announced in October 2015 that it would acquire its competitor for $17.2 billion. Since then, it has been working to comply with the Federal Trade Commission.

Compliance could include divestitures of Rite Aid stores. CVS was seen as a logical buyer for some of the stores, however, following dismal third quarter earnings, whether it is interested in being a buyer has been called into question.

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