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UPDATE 1-Life sciences company Labcorp's unit approved for Nasdaq listing

(Adds background on Labcorp's planned spin-off from paragraphs 2 to 6)

June 9 (Reuters) - Life sciences company Labcorp said on Friday Fortrea, its clinical development unit it is looking to spin off, had been approved for listing on Nasdaq.

Labcorp stockholders will receive one common share of Fortrea for each Labcorp share they own, the company said. Fortrea shares will trade under the symbol "FTRE".

Fortrea offers clinical trial management and medical device development services. Labcorp started the segment in 2014 after the $6.1 billion acquisition of Covance.

Burlington, North Carolina-based Labcorp first announced the planned separation in July last year. In February, the unit was named "Fortrea".

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Contract research firms, which conduct drug development-related work for third parties, have been hit by constraints over the supply of non-human primates (NHP) after a Cambodian supplier was charged in connection with illegal imports into the United States.

Labcorp had initiated a strategic review in 2021 after investor pressure from Jana Partners, but that ended without a merger or an acquisition as Labcorp offered its shareholders a dividend and approved a $2.5 billion buyback program.

(Reporting by Bhanvi Satija and Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)