In planning to focus on more important business, Laboratory Corporation of America Holdings (Labcorp) will be separating its Clinical Development business which will be named Fortrea.
In July 2022, Labcorp stated that the spin-off will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services.
According to reports, Fortrea will be based in Durham while the parent company Labcorp will be based in Burlington. The project is to be completed in Q2 2023.
Fortrea is said to have more than 19,000 employees while the company provides Phase I through IV clinical trial management and commercialization solutions to pharmaceutical and biotechnology organizations around the world.
Fortrea, which is a spin-off of Labcorp, will be listed on The Nasdaq Stock Market with the ticker "FTRE" upon the successful split, while Labcorp will still be listed on the New York Stock Exchange with the symbol "LH."
Read more: https://www.investingport.com/fortr...-here-is-what-you-should-know-about-the-deal/