Labcorp LH said Thursday that it plans to spin off its clinical development business into a publicly traded clinical research organization, or CRO, in mid-2023. The name of the planned spin-off is Fortrea, and it will employ about 19,000 people under CEO Tom Pike. Labcorp also plans to spin off its diagnostics, central labs, and early development research labs business into another company. Labcorp’s stock is down 12.6% over the past year, while the broader S&P 500 SPX has declined 8.9%.
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