DURHAM – Life science giant Iqvia has bought the 40% of Q2 Solutions it didn’t already own from Quest Diagnostics in a deal worth $760 million.
Iqvia (NYSE: IQV) and Quest formed Q2 as a joint venture in 2015.
In 2019, Q2 announced plans to add more than 700 jobs in the Triangle.
Q2 provides lab services, including testing, project management, supply chain, biorepository and biospecimen as well as consent tracking for clinical trials.
The buyout of Quest was disclosed before markets opened on Thursday.
Iqvia said the deal was paid for with “cash on hand.” The company also expects that gaining sole ownership will had to its earnings and revenues immediately.
“Quest will remain the strategic preferred laboratory provider for Q2 Solutions clients under a multi-year agreement to provide a range of complementary lab testing capabilities to augment Q2 Solutions’ core offerings, extending its industry leading suite of services,” Iqvia added in a statement.
Iqvia (formerly known as Quintiles) operates dueal headquarters in Durham and Connecticut.
