Labcorp Reveals Name for New CRO – Fortrea

Labcorp has announced that its upcoming clinical development spin-off will be named Fortrea. Fortrea will be independent and publicly traded, providing drug and health tech development and commercialization services to pharma and biotechs. Once spun off, Fortrea will begin with a workforce of 19,000 employees.

According to current president and CEO of Labcorp’s Clinical Development business and future CEO and chairman of the board of Fortrea Tom Pike, “Today marks a significant milestone as we progress toward becoming an independent company and capturing the enormous opportunity ahead,” said. “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”

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(Source: Labcorp, February 9^th, 2023)