Three years ago, Walgreens (b. 1901) arrived in Silicon Valley for the same reason many old economy companies do: to hurry and join the digital vanguard before it was left behind. Walgreens quickly made a deal with Theranos (b. 2004), the medical diagnostics company and media darling that promised a revolutionary approach to blood tests.
That hopeful beginning seems so long ago. Last fall, a series of investigative articles in The Wall Street Journal cast suspicion on Theranos’s methods, a devastating federal report found serious deficiencies in the company’s quality control, and Theranos is now under investigation by federal prosecutors and by the Securities and Exchange Commission.
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