BUZZ-Walgreens falls on $595 million payment to settle COVID test contract dispute

Shares of pharmacy chain operator Walgreens Boots Alliance WBA.O fall 3% to $11.04 premarket

Co, late on Tuesday, said it will pay telemedicine provider Everly Health Solutions $595 million over a contract dispute for COVID-19 testing

The sum is payable within two business days and is part of a settlement agreement that came after a judge in Delaware recently ruled against Walgreens' bid to set aside an arbitration ruling

Everly Health, formerly known as PWNHealth, initiated the arbitration in 2022, claiming that Walgreens broke the terms of a 2020 business contract during the pandemic

Up to last close, stock down 45.8% in the last 12 months