(Adds details, background)July 28 (Reuters) - Diagnostics company Labcorp plans to spin off its unit focused on clinical drug trials, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Labcorp will continue to focus on its core diagnostic-testing business and will also retain two related pieces of its drug-development unit, the report said. (https://on.wsj.com/3cMDVEh)The move is expected to be unveiled on Thursday when the company announces its second-quarter results, the report said. The business that is being spun off reported a revenue of roughly $3 billion in the 12 months ended in June, a figure that is expected to grow at a high-single-digit rate, as per the report. Labcorp did not immediately respond to Reuters' request for a comment.

Source: Wall Street Journal July 28, 2022 20:44 UTC