Quest Diagnostics has sold its minority share of lab services firm Q2 Solutions to Iqvia for $760 million in an all-cash transaction, the companies said on Thursday.
Iqvia and Quest established Q2 solutions, originally known as Quintiles Research, as a joint venture in 2015, with Iqvia owning 60 percent and Quest owning 40 percent.
“Divesting from Q2 Solutions supports our vision to be focused on empowering better health with diagnostic information services,” Steve Rusckowski, Quest’s chairman, CEO, and president, said in a statement.
Quest will remain the strategic preferred laboratory provider for Q2 Solutions’ clients under a multi-year agreement.
Durham, North Carolina-based Iqvia provides advanced analytics, technology, and clinical research services to the life sciences industry. Q2 Solutions provides comprehensive testing, project management, supply chain, biorepository and biospecimen services, and consent tracking for clinical trials.