The company completed a spin-off from LabCorp and began trading on Nasdaq under the ticker “FTRE”.
The independent company is positioned to capitalize on growth opportunities in Phase I-IV clinical trials and patient access, and to expand leadership positions in oncology, clinical pharmacology and partnership models.
DURHAM, NC, July 03, 2023 (GLOBE NEWSWIRE) — Fortria ftre (the “Company”), a leading global contract research organization (CRO), today announced that it has successfully completed its previously announced spin-off from LabCorp. LH, On June 30 at 11:59 p.m. ET, Fortria became an independent public company and will begin trading on the Nasdaq Stock Exchange at the opening of the market today.
“Fortria was founded with an intense focus on our purpose,” said Tom Pike, President and CEO of Fortria, which is partnering with customers to rapidly bring life-changing therapies to patients. ” “Now, as an independent company with increased operational agility and financial flexibility, we are ideally sized to meet this objective. With our global scale, clinical data-driven insights, site relationships and Accessing decades of experience, Fortria is able to bring tailored solutions to clients as a trusted partner. Furthermore, our proven leadership team and talented associates around the world have the skills and experience to help create a world-class culture of excellence We look forward to continuing to deliver for patients, customers, employees and shareholders for years to come.”
Fortria launched with a team of approximately 19,000 people supporting customers in more than 90 countries across more than 20 different therapeutic areas. With a strong client base in pharmaceutical, biotechnology and medical device organizations, Fortria’s business is specifically designed to meet the holistic needs of clients across two reporting segments: Clinical Services and Enablement Services. Its Clinical Services segment provides Phase I-IV clinical solutions, including clinical pharmacology and comprehensive clinical development capabilities, tailored to customer needs. Its Enabled Services segment provides technology enabled solutions and post approval patient access services.
In addition, the Company appointed the following Independent Directors to its Board of Directors (“Board”):
- R. Andrew Eckert, Principal Director of Fortria; Senior Advisor to Permira; and former chairman, Varian Medical Systems
- Betty Larsen, Chief People Officer of GE Healthcare Technologies; and former Executive Vice President and Chief Human Resources Officer, Becton Dickinson
- Peter Neupert, Principal Director, Adaptive Biotechnologies; Director, LabCorp; and former Corporate Vice President of the Health Solutions Group at Microsoft
- Ed Pesca, President and Chief Executive Officer of Owens & Minor; and former Group President and Chief Commercial Officer, Thermo Fisher Scientific
- Amrit Ray MD, Director of Ultragenics Pharmaceutical; and former Global President and Head R&D and Medical, Pfizer Upjohn
- David Smith, retired chief financial officer of Charles River Laboratories
“I am excited to welcome our independent directors to our new board of directors,” Pike continued. “We have assembled an impressive team with the right experience and expertise to position Fortria as a leading, global pure-play CRO. Our Board will play an important role as we execute our long-term strategy and develop Fortria Will realize the full potential of the opportunity. Market.”
In connection with the Separation, effective Friday, June 30, 2023 at 11:59 p.m. ET, LabCorp shareholders will receive one share of Fortria common stock for each share of LabCorp common stock held as of 5:00 p.m. ET on Tuesday, June 30, 2023. One share was distributed. 20, 2023, record date. Approximately 88.8 million shares of Fortria common stock were distributed.
Fortria ftre is a leading global provider of clinical development and patient access solutions for the life sciences industry. We partner with emerging and large biopharmaceutical, medical device and diagnostic companies to drive healthcare innovation that accelerates life-changing therapies for patients in need. Fortria provides Phase I-IV clinical trial management, clinical pharmacology, differentiated technology enabled trial solutions and post approval services.
Fortria’s solutions leverage over three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insight and a strong investigator site network. Our talented and diverse team of over 19,000 people operating in over 90 countries is committed to providing focused and prompt solutions to customers globally.
Learn more about how Fortria is becoming a transformative force from pipeline to patient Fortrea.com And follow us on LinkedIn and Twitter @Fortrea.
Cautionary Statements Regarding Forward-Looking Statements
Certain statements in this press release, particularly those relating to the anticipated financial and other benefits of the spin-off, the implementation of Fortria’s standalone strategy and the prospects for Fortria’s standalone business, are forward-looking statements within the meaning of the US. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of the Company. If one or more of the underlying assumptions or expectations prove incorrect or materialize, actual results may differ materially from the expectations expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from such expectations are those and Fortria’s registration details on Form 10 initially filed with the SEC on May 15, 2023 (amended and further supplemented) and with the SEC Will be detailed in Fortria’s other filings. , These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainties and changes in circumstances. Fortria undertakes no obligation to update these statements, and these statements speak only as of the date of this press release.