Labcorp’s Clinical Development Spinoff to be Called Fortrea

Labcorp has settled on a name for its Clinical Development spinoff.

Upon completion of its separation from Labcorp, the Clinical Development business will be called Fortrea and will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services. With more than 19,000 employees, Fortrea will provide Phase I through IV clinical trial management and commercialization solutions to pharmaceutical and biotechnology organizations around the world.

“Today marks a significant milestone as we progress toward becoming an independent company and capturing the enormous opportunity ahead,” said Tom Pike, president/CEO of Labcorp’s Clinical Development business and future CEO and chairman of the board of Fortrea. “The announcement of Fortrea signals to the world what we are building: a leading, pure-play CRO positioned to serve customers, deliver life-changing medicines faster and create lasting value for all our stakeholders.”
 
Incorporating the “F” from Fortrea, the new logo is an arrow representing the forward momentum that is innate to the business. It expresses the agile, nimble way Fortrea breaks from conformity and makes a visual nod to the data that powers its approach to innovation. 
 
“The debut of the Fortrea brand is a defining moment in our journey to create a transformative force in clinical drug and device development,” said Amy Summy, executive vice president and chief marketing officer, Labcorp. “Working side by side with partners, the Fortrea name represents innovation and agility—improving the trial process and delivering life-changing solutions faster.”
 
Labcorp is spinning off the company’s wholly owned Clinical Development business to Labcorp shareholders through a tax free transaction for U.S. federal income tax purposes. The planned spin-off will result in two independent, publicly traded companies, each poised for strong, sustainable growth:

• Labcorp: A global healthcare and life sciences company comprising Labcorp’s Diagnostics, Central Labs and Early Development Research Labs businesses, all of which boast deep scientific expertise; vast health data and insights; and an extensive, advanced global laboratory network.
• Fortrea: A global contract research organization (CRO) providing Phase I-IV clinical trial management, market access and technology solutions to pharmaceutical and biotechnology organizations. 

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 U.S. 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 become effective with the spinoff from Labcorp.
 
Labcorp is a global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. With more than 75,000 employees, the company serves customers in over 100 countries. Labcorp reported $16 billion in FY2021 revenue.