Holmes, who dropped out of a Stanford engineering program to launch her business in 2003, invented a blood-testing process that requires only a few drops of blood from someone’s finger rather than the standard vein puncture that called for vials of blood.With 0 million in investment, the company valued itself as a billion enterprise, making Holmes worth half that amount.In the intoxicating days running up to the dot-com crash, many innovative firms soared as they disrupted the defensive old order.Those who challenged the hype were disparaged as neo-Luddites defending the past.Many wonder if Theranos founder Elizabeth Holmes was following in that tradition.Channeling the image of Apple’s Steve Jobs, sporting his trademark black turtleneck, Holmes electrified trade shows with exciting claims regarding a mysterious diagnostic technology for which supporting research was guarded due to intellectual property concerns.In fact, Mylan shareholders now have no takeover premium if the company were to be acquired because of its legally protected, entrenched management.Fortune reported earlier that of the more than a dozen analysts, investors, and governance experts they polled, only one remembered ever reading about “stichting.” Using defensive governance tactics, Mylan resisted overtures from rival Teva, which had made a 48% premium bid this spring.
Recently, Theranos promised to be more transparent about its technology.
He committed suicide in 2013, reportedly telling his wife that the technology he helped develop didn’t work.
Wired concluded Theranos had succumbed to Silicon Valley PR pressure and made promises beyond its capabilities.
Last month, The Wall Street Journal revealed complaints from Theranos employees that most of the 235 tests the company offers are not performed using its revolutionary technology but rely instead on the standard equipment of competitors like Siemens.
Ian Gibbons, a British biochemist hired by Holmes to research systems that could process tiny quantities of fluids, was named on 23 of the firm’s patents over eight years of work.