Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, August 5, 2022

Article Excerpt

LABORATORY CORPORATION OF AMERICA, or LABCORP., $254.67, symbol LH on New York, provides comprehensive clinical laboratory services from locations throughout North America. It also offers drug development services such as research and clinical trial management. Labcorp employs nearly 75,000 people at its base in Burlington, North Carolina, and across the U.S. On July 28, 2022, the company announced that its board of directors had approved the spin-off of its Clinical Development business. The transaction will create two independent, publicly traded companies. Current Labcorp CEO Adam Schecter will continue to run Labcorp. The makeup of the the board and the rest of management will be announced later, along with company’s name for the Clinical Development business. The spinoff is expected to be completed by the second half of 2023. The Clinical Development business is a contract research organization (CRO) that provides clinical drug trial management to pharmaceutical and biotechnology companies. Labcorp created the Clinical Development business in 2015 after the company acquired Covance for $6.2 billion…

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