Labcorp's Spin-off Fortrea Creates Global Life Science Firm, Accelerating Therapies for Patients
Labcorp has completed the spinoff of Fortrea, a life science firm based in Durham, with 19,000 employees. Fortrea will focus on Phase I-IV clinical trial management and technology solutions. Labcorp shareholders will receive one share of Fortrea stock, and the company made a cash distribution of $1.6 billion to Labcorp as part of the deal. Fortrea will begin trading on the Nasdaq under the symbol "FTRE" and will be led by CEO Tom Pike.