Quintiles and Quest Diagnostics have launched Q2 Solutions, their new combined clinical trials lab services organization, which brings together the clinical lab operations of the two organizations through the previously announced global joint-venture. 
 
Quintiles owns 60% and Quest owns 40% of the two separate legal entities that comprise Q2 Solutions. The combined business stands to generate approximately $575 million in annual revenues.
 
“Q2 Solutions harnesses the complementary strengths, expertise and scale of two industry leaders,” said Tom Pike, chief executive officer, Quintiles. “This new organization is built upon the strong foundation of its parent companies and provides customers with access to an innovative, progressive and responsive partner with the quality focus, global experience, and deep medical expertise integral to drug development.”  
 
“Clinical laboratory services are central to advances in genomics, precision medicine and drug development. Q2 Solutions is well positioned to generate significant advances in these areas to benefit biopharmaceutical customers and patients,” said Steve Rusckowski, president and chief executive officer, Quest Diagnostics. “This transaction is consistent with Quest’s five-point strategy, because it allows us to maximize the value of our clinical trials assets in a capital-efficient manner while refocusing on our core diagnostic information services business.”
 
The two companies have also entered an exclusive collaboration to explore how to use their data assets to enhance areas such as clinical trial patient recruitment and retention, clinical trial design as well as companion diagnostic development and commercialization.
 
Costa Panagos will serve as chief executive officer of Q2. Most recently he served as senior vice president and global head of Global Laboratories and Cardiac Safety Services at Quintiles.