(CercleFinance.com) – Novacyt fell heavily on the stock market on Tuesday after taking stock of its long-standing dispute with the British Department of Health and Social Care (DHSC).
The diagnostics specialist says it was informed yesterday that the DHSC had decided to issue a claim against the group and its molecular testing subsidiary Primerdesign for £134.6 million.
The amount of the claim – which relates to a supply contract that was announced in September 2020 – corresponds broadly to the disputed revenues for the fourth quarter of 2020, the company said.
In its statement, Novacyt says it continues to believe it has “strong reasons” to defend the claim and enforce its contractual rights, including to collect amounts owed by DHSC.
Investors are familiar with the case, which has been going on for more than a year and which is linked to the failure of a contract to supply RNA extraction kits, used in chain reaction tests by polymerase (PCR) for Covid-19.
The Novacyt action shows the largest drop in the Paris market on Tuesday morning, falling by almost 13% around 10:40 a.m. The title now shows a decline of more than 61% over the past 12 months.
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