Labcorp announces Clinical Development business as spin-off, with goals set for 2023 

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                                                               City of Burlington

Economic Development Department

labcorp-hqLabcorp announced on July 28, 2022, that its Board of Directors authorized a spin-off Clinical Development business. The spin-off will be a global Contact Research Organization (CRO), resulting in two independent, publicly traded companies, each leading the way for growth in the life sciences and biotechnology industries. Laborp will continue as "a leading global laboratory business comprising the Company's routine and esoteric labs, central labs, and early development research labs," as said in a recent press release, while the Clinical Development spin-off will be "providing Phase I-IV clinical trial management, market access and technology solutions to pharmaceutical and biotechnology organizations."

Image Source: WRAL TechWire

Labcorp is headquartered in Burlington, North Carolina, and employs more than 75,000 people and serves clients in over 100 countries. It is the largest business in Alamance County, employing around 5,000, and double that throughout the entire state. As a global life sciences company, its ongoing research and services provide vital information to doctors, hospitals, pharmaceutical companies, researchers, and patients around the world. Within the last fiscal year – which ended on June 30, 2022, Labcorp reported $12.7 billion in total revenue from its core laboratory businesses. 

The spin-off encourages continued growth and innovation. Within the last fiscal year, the Clinical Development business reported $3 billion in total revenue. The spin-off is intended to qualify as a tax-free transaction to Labcorp shareholders. Following the establishment of the spin-off, Labcorp expects to continue to be publicly traded on the New York Stock Exchange, and for the Clinical Development business to be publicly listed. The goal to complete the spin-off is set for the second half of 2023. 


Image Source: Labcorp 

As Labcorp is one of Burlington’s largest and most vital employers, Burlington Economic Development is excited to support the company’s decision to establish the CRO and witness its future success!

Isabella DeLaGarza, EYOS Fellow

City Contact
Isabella DeLaGarza
425 S. Lexington Ave. 
Burlington, NC 27215