BURLINGTON – The spinoff of Fortrea – which is made up of the clinical development and commercialization services business of life science giant Labcorp – is set for June 20 and the listing of the standalone company is set for the Nasdaq even though regulatory approval for the deal is still pending.
Labcorp announced the next steps in the Burlington-based company’s split after the markets closed on June 9.
Earlier, Fortrea announced plans to raise debt to help pay the $1.6 billion it will owe Labcorp for assets acquired as part of the spinoff.
The record date for the transaction is Tuesday, June 20, at 5 p.m., Labcorp said.
The “distribution date” for shares in the deal is set for 11:59 p.m. on June 30, the company added.
Labcorp shareholders will receive one Fortrea share for each Labcorp share owned.
“The spin-off is expected to be effected through the distribution of 100 percent of the common stock of Fortrea to holders of Labcorp’s common stock whereby Labcorp’s stockholders will receive one share of Fortrea common stock for every share of Labcorp common stock they hold as of the record date,” Labcorp explained.
Fortrea will be listed on the Nasdaq under the symbol “FTRE.”
However, Labcorp acknowledged that the “completion of the spin-off remains subject to customary closing conditions.”
Fortrea will be led by chair and CEO Tom Pike. Pike has established an office in RTP.
Labcorp employs thousands of people across the Triangle and North Carolina.