Quest sells minority stake in joint venture company to partner for $760M

Quest Diagnostics has sold its minority share in a clinical laboratory services company to its joint venture partner for $760 million, it announced Thursday.

The Secaucus-based company said it sold its share of Q2 Solutions to North Carolina-based IQVIA in an all-cash transaction.

“Divesting from Q2 Solutions supports our vision to be focused on empowering better health with diagnostic information services,” Quest Chairman, CEO and President Steve Rusckowski said in a prepared statement.

The two had established Q2 as a joint venture in 2015, with IQVIA owning 60% and Quest owning 40%. Under a multiyear agreement, Quest will remain the preferred laboratory provider for Q2  clients.