Novacyt settles High Court dispute with DHSC

Biotechnology group Novacyt and the UK's Department of Health and Social Care have reached a commercial settlement of all claims and counterclaims in High Court proceedings.

Novacyt will pay £5.0m to the Department of Health and Social Care to satisfy legal proceedings between itself and the British government arm.

The AIM-listed firm said a trial scheduled to start on 10 June would therefore not take place and noted that neither party has made "any admission of liability or wrongdoing" in respect of the claim or counterclaim or otherwise.

As of 0905 BST, Novacyt shares had sunk 16.05% to 58.60p.

Reporting by Iain Gilbert at Sharecast.com