Quintiles Transnational Corp. (Nasdaq: QTRN) and McKesson Corporation (NYSE: MCK) have completed formation of their healthcare informatics joint venture, named Verispan, L.L.C.
The companies previously announced their intent to form the venture on March 18, and are co-equal owners of Verispan, with a portion of equity owned by or to be allocated to key providers of de-identified healthcare data who join the venture. McKesson and Quintiles say they expect to be users and early adopters of Verispan’s products and services as part of their core services to healthcare and pharmaceutical companies.
Several major data providers have contracted to provide de-identified prescription or medical data to the venture. In total, Verispan has secured rights to more than 1 billion U.S. retail pharmacy transactions and about 275 million electronic medical transactions annually. The company has licensed its data products to McKesson and Quintiles for use in their core businesses.
Verispan will be headquartered in Newton, PA.
Member of Verispan’s executive management team include Greg Porter, formerly CEO of Quintiles Informatics, as the new CEO, and Peter Castagna, formerly president of the Acute Care division of McKesson’s Medical-Surgical group, as chief operating officer.
Verispan: www.verispan.com
Quintiles: www.quintiles.com
