Fortrea Holdings completes spin-off from Labcorp

Fortrea (FTRE) completed its previously announced spin-off from Labcorp (LH). On June 30 at 11:59 p.m., Fortrea became an independent public company and will begin trading on the Nasdaq stock exchange when the market opens today. Fortrea launches with a team of approximately 19,000 people supporting customers in more than 90 countries across more than 20 different therapeutic areas. With a robust customer base across pharmaceutical, biotechnology and medical device organizations, Fortrea’s business is specifically designed to address customers’ holistic needs across two reporting segments: Clinical Services and Enabling Services. Its Clinical Services segment provides phase I-IV clinical solutions, including clinical pharmacology and comprehensive clinical development capabilities, that are tailored to customer needs. Its Enabling Services segment provides technology enabled solutions and post-approval patient access services. Additionally, the Company appointed the following independent directors to its Board of Directors: R. Andrew Eckert, Fortrea lead director; senior advisor to Permira; and formerly chairman, Varian Medical Systems; Betty Larson, chief people officer of GE HealthCare Technologies; and formerly executive vice president and chief human resources officer, Becton Dickinson; Peter Neupert, lead director, Adaptive Biotechnologies; director, Labcorp; and formerly corporate vice president, Health Solutions Group at Microsoft; Ed Pesicka, president and chief executive officer of Owens & Minor; and formerly group president and chief commercial officer, Thermo Fisher Scientific; Amrit Ray M.D., director of Ultragenyx Pharmaceutical; and formerly global president and head R&D and Medical, Pfizer Upjohn; David Smith, retired chief financial officer of Charles River Laboratories. In connection with the separation, effective at 11:59 p.m. ET on Friday, June 30, 2023, Labcorp shareholders were distributed one share of Fortrea common stock for every share of Labcorp common stock held as of 5:00 p.m. ET on Tuesday, June 20, 2023, the record date. Approximately 88.8 million shares of Fortrea common stock were distributed.