IQVIA completes acquisition of Q2 Diagnostics
IQVIA Holdings, which provides analytics, technology solutions and clinical research services to life-science clients, has acquired the remaining 40% of Q2 Solutions from diagnostic information services provider Quest Diagnostics. The companies report that $760m changed hands in the deal, via cash on hand.
Brian O’Dwyer, Q2 Solutions CEO, spoke with Outsourcing-Pharma about the transaction and what it means for both firms, and their industry clients. According to O’Dwyer, IQVIA will benefit from the acquired company’s broad range of services and expertise.
“Q2 Solutions leads the industry in their scientific capabilities, providing early engagement support to clients during the design process of their development programs,” he commented. “It also has a heavy emphasis on innovation, working with clients to create and provide flexible solutions to dynamic changes across the spectrum of laboratory services supporting drug development.”
O’Dwyer told Outsourcing-Pharma that the company anticipates no planned changes to the structures, leadership or staff at Q2 Solutions as a result of the change in ownership. Furthermore, he said, the newly acquired company will retain its current name and branding.
Q2 Solutions is a comprehensive clinical laboratory services organization providing testing, project management, supply chain, biorepository and biospecimen, and consent tracking solutions for clinical trials. Before this transaction, IQVIA owned a 60% majority share and Quest Diagnostics a 40% minority share of Q2, which was established as a joint venture in 2015.
Though Quest no longer owns any of the newly acquired company, the firm will remain the “strategic preferred laboratory provider” for Q2 Solutions clients, thanks to the terms of a multi-year agreement that calls for the company to deliver a range of complementary lab testing capabilities to that augment Q2 Solutions’ list of core offerings.