PR Newswire | Apr 1, 2021 07:04AM EDT

04/01 06:03 CDT

Quest Diagnostics Sells Ownership Interest in Q Solutions to IQVIA SECAUCUS, N.J. and RESEARCH TRIANGLE PARK, N.C., April 1, 2021

SECAUCUS, N.J. and RESEARCH TRIANGLE PARK, N.C., April 1, 2021 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced the sale of its minority share in Q2 Solutions to IQVIA (NYSE: IQV), a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, for $760 million in an all-cash transaction.

Q2 Solutions is a leading global clinical laboratory services organization that provides comprehensive testing, project management, supply chain, biorepository, biospecimen and consent tracking solutions for clinical trials. IQVIA and Quest established Q2 Solutions as a joint venture in 2015. IQVIA previously owned a 60 percent majority share and Quest Diagnostics owned a 40 percent minority share.

"Divesting from Q2 Solutions supports our vision to be focused on empowering better health with diagnostic information services," said Steve Rusckowski, Quest Diagnostics Chairman, CEO and President. "We are proud of our contributions to the growth of Q2 Solutions, and are confident that IQVIA has the strategic vision and agility to lead Q2 Solutions on the next phase of its journey as a global leader in central lab services."

Under a multi-year agreement, Quest will remain the strategic preferred laboratory provider for Q2 Solutions' clients, providing a range of complementary lab testing capabilities to augment Q2 Solutions' core offerings and extend its industry leading suite of services.

About Quest Diagnostics

Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our approximately 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.

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SOURCE Quest Diagnostics