946405272
- Jul 18, 2023
- 4 min read

Fortrea Launches as a Leading Contract Research Organization to Accelerate Life-Changing Therapies

Fortrea, a global contract research organization (CRO), has successfully completed its spin-off from Labcorp and will begin trading on the Nasdaq stock exchange under the ticker symbol "FTRE." The independent company is now positioned to capitalize on growth opportunities in phases I-IV clinical trials, clinical pharmacology, and patient access. Fortrea has a team of approximately 19,000 people supporting customers in more than 90 countries across more than 20 different therapeutic areas. The CRO's business is specifically designed to address customers' holistic needs across Clinical Services and Enabling Services reporting segments.

Introduction

Fortrea, a leading global provider of clinical development and patient access solutions to the life sciences industry, is a newly established independent public company. The CRO has been spun off from Labcorp, and it will begin trading on the Nasdaq stock exchange under the ticker symbol "FTRE." Fortrea is in a position to capitalize on growth opportunities in phases I-IV clinical trials, clinical pharmacology, and patient access. The company's business is specifically designed to address customers' holistic needs across Clinical Services and Enabling Services reporting segments. Fortrea has a team of approximately 19,000 people supporting customers in more than 90 countries across more than 20 different therapeutic areas.

Background

Fortrea is a leading global CRO that provides clinical development and patient access solutions to the life sciences industry. The company partners with emerging and large biopharmaceutical, medical device, and diagnostic companies to drive healthcare innovation that accelerates life-changing therapies to patients in need. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology-enabled trial solutions, and post-approval services. The CRO's solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights, and a strong investigator site network.

Spin-off from Labcorp

On June 30, 2023, Fortrea successfully completed its previously announced spin-off from Labcorp. The CRO became an independent public company and began trading on the Nasdaq stock exchange. As an independent company, Fortrea has increased operational agility and financial flexibility, which allows it to deliver on its purpose of partnering with customers to bring life-changing therapies to patients faster.

Tailored Solutions for Customer Needs

Fortrea's Clinical Services segment provides phase I-IV clinical solutions, including clinical pharmacology and comprehensive clinical development capabilities, that are tailored to customer needs. The company's Enabling Services segment provides technology-enabled solutions and post-approval patient access services. Fortrea's solutions are designed to address customers' holistic needs across Clinical Services and Enabling Services reporting segments. The CRO's proven leadership team and talented colleagues across the globe have the skills and experience to help build a world-class culture of excellence.

Board of Directors

Fortrea has appointed an impressive team of independent directors to its Board of Directors. The Board will play an important role as the CRO implements its long-term strategy and realizes its full potential in the market. The independent directors appointed to Fortrea's Board of Directors are:

R. Andrew Eckert, Fortrea lead director; senior advisor to Permira; and formerly chairman, Varian Medical Systems
Betty Larson, chief people officer of GE HealthCare Technologies; and formerly executive vice president and chief human resources officer, Becton Dickinson
Peter Neupert, lead director, Adaptive Biotechnologies; director, Labcorp; and formerly corporate vice president, Health Solutions Group at Microsoft
Ed Pesicka, president and chief executive officer of Owens & Minor; and formerly group president and chief commercial officer, Thermo Fisher Scientific
Amrit Ray M.D., director of Ultragenyx Pharmaceutical; and formerly global president and head R&D and Medical, Pfizer Upjohn
David Smith, retired chief financial officer of Charles River Laboratories

Customer Base

Fortrea has a robust customer base across pharmaceutical, biotechnology, and medical device organizations. The CRO's business is specifically designed to address customers' holistic needs across Clinical Services and Enabling Services reporting segments. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology-enabled trial solutions, and post-approval services. Fortrea's solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights, and a strong investigator site network.

Global Footprint

Fortrea has a team of approximately 19,000 people supporting customers in more than 90 countries across more than 20 different therapeutic areas. The CRO's global scale, access to clinical data-driven insights, site relationships, and decades of experience enable it to bring customers tailored solutions as a trusted partner. Fortrea's solutions are designed to address customers' holistic needs across Clinical Services and Enabling Services reporting segments.

Leadership Team

Fortrea's proven leadership team and talented colleagues across the globe have the skills and experience to help build a world-class culture of excellence. Tom Pike is the chairman and chief executive officer of Fortrea. He said, "Fortrea has been established to bring sharpened focus to our purpose, which is partnering with customers to bring life-changing therapies to patients faster. Now, as an independent company with increased operational agility and financial flexibility, we are the ideal size to deliver on this purpose."

Conclusion

References:

Synapse: Global Drug Intelligence Database