LH - Labcorp plans to spinoff clinical drug trials and development business - WSJ

• Laboratory Corporation of America ( NYSE: LH ), or Labcorp, is planning to spinoff its unit that focuses on clinical drug trials, the Wall Street Journal (WSJ) reported on Thursday, citing people familiar with the matter.
• The move by Labcorp will create a new standalone company in the contract research organization space.
• Labcorp will reveal the plan to separate the clinical-trials and development business later on Thursday when it reports its Q2 results, WSJ said.
• The company will continue to focus on its core diagnostics business and will also retain two related pieces of its drug development unit, WSJ added.
• Labcorp ( LH ) is expected to report a Y/Y fall for both Q2 EPS and revenue.
• LH stock closed +1% at $249.47 on Wednesday.

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