Labcorp to name spin-off company Fortrea

Labcorp announced that the new company to be formed by the planned spin-off of its clinical development business will be known as Fortrea. Upon completion of the spin-off from Labcorp, Fortrea will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services. With over 19,000 people, Fortrea will provide Phase I through IV clinical trial management and commercialization solutions to pharmaceutical and biotechnology organizations around the world. The spin-off is expected to be completed in mid-2023, subject to the satisfaction of certain customary conditions, including, among others, the receipt of final approval by the company’s board of directors, the receipt of appropriate assurances regarding the tax-free nature of the separation, and the effectiveness of any required filings with the Securities and Exchange Commission. Until the spin-off is complete, the Clinical Development business and its products, services and offerings are still owned and operated by Labcorp. The new Fortrea brand identity will go into effect in connection with the spin-off from Labcorp.