Following on from a decision last year to evaluate options to boost value, the board of Labcorp has authorised a spin-off of its clinical development business to shareholders through a tax-free transaction. This should be completed in 2H 2023.

LabCorp is expected to continue being publicly traded on the New York Stock Exchange and the clinical development business should also be publicly listed. This will lead to the creation of two independent companies with “distinct strategic priorities, customer needs and value creation”, the company said: