Q2 Solutions to expand in North Carolina, employ 749Christian Fernsby ▼ | December 2, 2019
Q2 Solutions will establish a new facility in Durham, N.C. to help develop the next generation of precision medicines, creating 749 jobs.
American business Q2 Solutions will invest $73 million
Topics: Q2 Solutions North Carolina
"Because of our strong biotechnology talent, North Carolina has become a hub for contract research organizations of all sizes,” said Governor Cooper.
Q2 Solutions, a joint venture of IQVIA (formerly Quintiles) and Quest Diagnostics, offers end-to-end laboratory services and secure, enterprise-wide biospecimen and consent management solutions.
The expansion of the Q2Solutions Genomics Center of Excellence in N.C. enhances their ability to provide innovative genomics testing in North America, as well as further enable harmonized genomic testing in Q2 Solutions clinical trials globally.
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on position, the average salary for the new positions will reach as high as $89,379.
The Durham County average wage is $68,731.
Q Squared Solutions, LLC’s project in North Carolina will be facilitated, in part, by two Job Development Investment Grants (JDIGs) approved by the state’s Economic Investment Committee earlier today.
Over the course of the 12-year terms of both grants, the project will add an estimated more than $1 billion to North Carolina’s economy.
Using a formula that takes into account the new tax revenues generated by the new jobs, the first JDIG agreement, which supports the first phase of the project, authorizes the potential reimbursement to the company of up to $4,293,750, spread over 12 years.
The JDIG supporting the second phase of the project is expected to go into effect in 2023 and authorizes the potential reimbursement to the company of up to $5,301,000, also paid over 12 years. ■