Indianapolis, Indiana — According to state and local economic development sources, Labcorp Drug Development/Fortrea plans to invest $500,000.00 to build out 3,500 square feet of new space in Indianapolis. The company plans to occupy the new space at 8211 Scicor Dr in Indianapolis, on or about July 1, 2023. According to the company website A new transformative force in clinical development?. Labcorp plans to spin-off its clinical development business, to be named Fortrea, in mid-2023. The spin-off will be subject to the satisfaction of customary conditions. As a future spin-off from Labcorp, we will be a new company with decades of history. We are working now to build our team and prepare for our expected mid-2023 formal separation from Labcorp. We are listening to what companies want from their drug development partners. We are listening to understand where the clinical research industry has room to improve. And we are listening to what customers want to achieve for their patients. A breakthrough environment with the agility to promote and respond to changes in clinical development and delivery continues to be an imperative. We are taking action. We are forming Fortrea and along with it a new blueprint for excellence in customer service to equal our renowned scientific expertise. Fortrea will become the new brand identity for Labcorps Clinical Development business in connection with the spin-off from Labcorp, which is expected in mid-2023. Fortreas spin-off from Labcorp is subject to the satisfaction of certain customary conditions, including, among others, the receipt of final approval by Labcorps Board of Directors, the receipt of appropriate assurances regarding the tax-free nature of the separation and effectiveness of any required filings with the Securities and Exchange Commission.

To learn more about Labcorp Drug Development/Fortrea, visit http://fortrea.com/

Company Contact:
Tom Pike, Chief Executive Officer
https://www.linkedin.com/in/tom-pike-67211b26/
609-452-4440

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