The two companies received the necessary approvals to close the JV in the US, UK -- where the majority of the business operates -- and it expects to close the transaction “in the few remaining countries” where it operates in the coming months, Quintiles spokesman Phil Bridges told us.
Q2 Solutions will compete in a $2bn market that’s growing about 5% annually and is dominated by the world’s largest central labs provider Covance. The JV is comprised of Quintiles’ former Global Central Laboratories, BioAnalytical/ADME and genomics businesses and Quest Diagnostics Clinical Trials, formerly a business of Quest Diagnostics. Quintiles owns 60% of the JV, while Quest owns 40%.
Clients will look to retain Q2 Solutions for a range of central lab services, as well as biomarker and genomic development, and analysis and companion diagnostic services.
With a presence in 10 countries, the joint company now has more than 2,000 staff and will be based in Research Triangle Park, North Carolina, and Edinburgh, UK.
Quintiles’ SVP Costa Panagos will lead Q2 Solutions as CEO.