On April 1, 2021 Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, reported 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 (Press release, Quest Diagnostics, APR 1, 2021, View Source [SID1234577533]).

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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.