NEW YORK (GenomeWeb) – Quintiles and Quest Diagnostics today announced they have launched their previously announced joint venture, a clinical trials lab business dubbed Q2 Solutions.
Through this service, the two firms said they aim to create the second largest laboratory services firm in the world for drugmakers to run clinical trials for their pipeline of products. Quintiles and Quest estimated that if Q2 Solutions were a stand-alone business in 2014, it would have brought in $575 million in annual revenues.
Quintiles owns 60 percent and Quest owns 40 percent of Q2 Solutions. The management team for Q2 Solutions comes from Quintiles and Quest. CEO Costa Panagos previously served as senior VP at Quintiles.
In launching Q2 Solutions, the firms highlighted that their service offerings will support drugmakers advancing personalized treatments. "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," Quest CEO Steve Rusckowski said in a statement.
Quintiles and Quest said they are collaboratively figuring out how their data assets can improve services such as patient recruitment and retention in clinical trials, study design, as well as companion diagnostic development and commercialization.