Another life sciences deal sees Quest Diagnostics exit its JV with IQVIA.
IQVIA, a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry recently announced that it has acquired the remaining 40% interest in Q2 Solutions from Quest Diagnostics for $760 million in cash - making it the sole owner. Established in 2015 as a joint venture between IQVIA (then Quintiles) and Quest Diagnostics, with the former owning 60% stake and Quest the rest, Q2 Solutions emerged to become one of the leading global clinical laboratory services organizations and a notable challenger to LabCorp. The divestment will allow Quest to focus on its core and profitable diagnostics information services arm.
Though Quest will no longer own a stake in joint venture, it will remain as a preferred laboratory provider for Q2 Solutions clients per a multi-year agreement. The arrangement will allow it to augment Q2 Solutions’ core offerings. According to Brian O’Dwyer, Q2 Solutions CEO, no changes to the structure, leadership or staffing is expected as a result of the transaction. Q2 Solutions is also expected to retain its current name and branding. Q2 Solutions is a leading global clinical laboratory services organization that provides comprehensive testing, project management, supply chain, biorepository and biospecimen and consent tracking solutions for clinical trials.