Quintiles, Quest Diagnostics launch Q2 Solutions
Quintiles and Quest Diagnostics have launched Q2 Solutions, a new combined clinical trials laboratory services organization. Q2 Solutions brings together the clinical trials laboratory operations of the two parent organizations to provide biopharmaceutical customers with the diverse capabilities and end-to-end services required in the rapidly evolving biopharmaceutical industry. The launch of Q2Solutions is the result of the close of the previously announced global clinical trials laboratory services joint-venture transaction.
Quintiles owns 60% and Quest Diagnostics owns 40% of the two separate legal entities that comprise Q2Solutions.
“Q2 Solutions harnesses the complementary strengths, expertise and scale of two industry leaders,” said Tom Pike, CEO, Quintiles. “This new organization is built upon the strong foundation of its parent companies and provides customers with access to an innovative, progressive and responsive partner with the quality focus, global experience and deep medical expertise integral to drug development.”
“Clinical laboratory services are central to advances in genomics, precision medicine and drug development. Q2 Solutions is well positioned to generate significant advances in these areas to benefit biopharmaceutical customers and patients,” said Steve Rusckowski, president and CEO, Quest Diagnostics. “This transaction is consistent with Quest’s five-point strategy, because it allows us to maximize the value of our clinical trials assets in a capital-efficient manner while refocusing on our core diagnostic information services business.”
The two parent companies also have entered into a period of exclusive collaboration to explore how to use their data assets to enhance areas such as clinical trial patient recruitment and retention, clinical trial design as well as companion diagnostic development and commercialization.
Q2 Solutions’ experienced management team includes members from both Quintiles and Quest Diagnostics. The company’s CEO, Costa Panagos, most recently was senior vice president and global head of Global Laboratories and Cardiac Safety Services at Quintiles.