Oxford Nanopore Technologies PLC (LSE:ONT) has reached an amicable resolution to its dispute with the Department of Health and Social Care (DHSC).
DHSC and Oxford Nanopore entered into a settlement agreement without any admission of liability, which included a payment of £50mln due to the latter under the terms of a contract to supply certain LamPORE devices and testing kits.
Oxford expects the payment to be treated as non-recurring COVID-19 testing revenue during the current fiscal year and therefore its prior guidance for Life Science Research Tools revenue in 2022 remains unchanged.
Shares in Oxford Nanopore eased 0.9% to 394.5p in the first half-hour of trading.