Quintiles and Quest Diagnostics to Form Joint Venture

Quintiles and Quest Diagnostics announced a definitive agreement to form a global clinical trials laboratory services business. The new entity will provide customers with the depth of capabilities and end-to-end clinical trial laboratory services and becomes the second-largest central laboratory services company operating globally. Upon closing of the transaction, Quintiles will own 60% and Quest Diagnostics will own 40% of the new joint venture.

The new entity also will leverage a number of additional resources including Quest Diagnostics draws from 20 billion test results, and Quintiles’ assets include electronic health records representing more than 60 million patient lives and a network of 250,000 clinical investigators.

Read the full release here.