Benzinga | Apr 1, 2021 09:37AM EDT

Quest Diagnostics Offloads Interest in Q2 Solutions JV To IQVIA

* Quest Diagnostics Inc (NYSE: DGX) has announced selling the minority share in Q2 Solutions to IQVIA Holdings Inc (NYSE: IQV) for $760 million in cash.

* Q2 Solutions 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% majority share, and Quest Diagnostics held a 40% minority share.

* 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.

* IQV reported cash and cash equivalents of $1.81 billion as of 31 December 2020.

* Price Action: IQV shares closed at $193.14, while DGX shares closed 0.1% lower at $128.3 on Wednesday.