Quintiles, Quest form lab services JV.
Quintiles and Quest Diagnostics have entered a definitive agreement to form a global clinical trials laboratory services business by combining clinical lab operations. The joint venture will offer an expanded range services and test menu to customers across all segments of the biopharmaceutical industry. Quintiles will own 60% and Quest Diagnostics will own 40%. A global management team will be appointed to lead the new business.
The JV combines Quintiles' scale, clinical trial expertise, and diverse therapeutic experience with Quest Diagnostics' operational, scientific and informatics expertise, and supply chain network. The entity will draw upon a team of approximately 3,500 medical doctors, Ph.D.s and biostatisticians as well as experience, expertise and capabilities in the areas of genomics and precision medicine.
"This joint venture builds upon the best of Quintiles' and Quest Diagnostics' strengths, creating top-quality services for customers," said Tom Pike, chief executive officer, Quintiles. "It will join together the scale, expertise and end-to-end capabilities of the broader Quintiles and Quest Diagnostics organizations with a laser-like focus on providing world-class laboratory services that will help improve customers' probability of success. Quintiles and Quest Diagnostics are already industry leaders with complementary offerings, capabilities and visions to improve patient outcomes and human health. We're excited about the opportunities ahead of us and the benefits we can provide customers."
"We're thrilled to partner with the world's leading biopharmaceutical services provider to help customers succeed with their clinical trials and support the pursuit of precision medicine,"said Steve Rusckowski, chief executive officer, Quest Diagnostics. "For Quest Diagnostics, the joint venture model will enable us to generate growth and value from our clinical trials assets while simultaneously strengthening our focus on our core diagnostic information services business."