BURLINGTON – Life science giant Labcorp will call its looming spinoff Fortrea, its focus being clinical trials around the world and with 19,000 employees.
The company announced the name early Thursday.
Tom Pike, the former CEO of Quintiles before it merged with another firm to become Iqvia, recently was named to lead the new Labcorp venture which had been designated Labcorp Clinical Development.
“Today marks a significant milestone as we progress toward becoming an independent company and capturing the enormous opportunity ahead,” said Pike, who also will be CEO chairman of the board of Fortrea. “The announcement of Fortrea signals to the world what we are building: a leading, pure-play CRO [clinical research organization] positioned to serve customers, deliver life-changing medicines faster and create lasting value for all our stakeholders.”
In the announcement Labcorp reiterated that Fortrea “will operate as an independent, publicly traded global CRO that offers comprehensive drug and medical device development services.”
The group will include 19,000 workers.
Labcorp currently has some 75,000 workers, including thousands across North Carolina. Its headquarters is located in Burlington.
The spinoff is expected to be completed later this year.
