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Two independent, publicly-traded companies will result upon completion.
Labcorp announced that it will spin-off its Clinical Development business, which will create two independent, publicly-traded companies. Labcorp will comprise its routine and esoteric labs, central and early development research labs, as well as its extensive, advanced global laboratory network. The as-yet-unnamed CRO business will provide Phase I-IV clinical trial management, market access and technology solutions to pharmaceutical and biotechnology organizations.
Over the last four quarters ending June 30, 2022, the Clinical Development business delivered total revenue of $3 billion and grew 8.0% on a CAGR basis from second quarter 2019 to second quarter 2022. The Board of Directors, executive leadership, and company name of the Clinical Development business will be determined and announced in the future as plans for the spin-off continue to progress.
In November 2014, Labcorp announced the acquisition of CRO Covance, providing the basis for its greater clinical development capabilities.
Read the detailed press release.