Lab­corp is spin­ning out its clin­i­cal de­vel­op­ment unit in ma­jor shake­up

Lab­corp an­nounced this morn­ing that it is spin­ning out most of its CRO busi­ness, eight years af­ter its $6 bil­lion Co­v­ance ac­qui­si­tion.

Lab­corp will keep its core busi­ness di­rect­ed at di­ag­nos­tic test­ing, the com­pa­ny said Thurs­day morn­ing af­ter the Wall Street Jour­nal re­port­ed the split ear­li­er in the morn­ing, cit­ing sources fa­mil­iar with the mat­ter. A tax-free spin­out is ex­pect­ed in the sec­ond half of next year, the com­pa­ny said.

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