Burlington, North Carolina-based life sciences company Labcorp (NYSE: LH) announced today that its clinical development unit, Fortrea, has been approved for listing on the Nasdaq stock market. Fortrea will trade under the ticker symbol "FTRE."
The spinoff is expected to be completed on or about June 30, 2023. Labcorp stockholders will receive one common share of Fortrea for each Labcorp share they own.
Fortrea offers clinical trial management and medical device development services. The company has a strong track record of success, having supported more than 1,000 clinical trials in over 100 countries. Fortrea's clients include pharmaceutical and biotechnology companies, as well as academic institutions and government agencies.
The spinoff of Fortrea is part of Labcorp's strategy to focus on its core businesses of laboratory testing and diagnostics. The company believes that Fortrea will be better positioned to grow and succeed as an independent company.
"We are excited to announce the approval of Fortrea's listing on Nasdaq," said Labcorp CEO Adam Schechter. "This is an important milestone for Fortrea and for Labcorp. We believe that Fortrea has the potential to be a leading provider of clinical development services, and we are committed to supporting its growth and success."
About Labcorp
Labcorp (NYSE: LH) is a leading global life sciences company that provides integrated diagnostics, drug development, and informatics solutions. The company is a pioneer in commercializing new diagnostic technologies, and its discovery and development solutions have accelerated the pace of new pharmaceutical and biotechnology product introductions. Labcorp serves healthcare institutions, life sciences companies, government agencies, and patients around the world.
About Fortrea
Fortrea is a clinical development company that provides a full range of services to pharmaceutical, biotechnology, and medical device companies. The company's services include clinical trial management, medical device development, and data analytics. Fortrea has a strong track record of success, having supported more than 1,000 clinical trials in over 100 countries. Fortrea's clients include some of the world's leading healthcare companies.