McKesson Corp. and the private‑equity firm Clayton Dubilier & Rice (CD&R) announced Tuesday that they will acquire infusion‑therapy provider Option Care Health in a deal valued at roughly $5.8 billion, including debt. The agreement makes Option Care a privately held company and marks a significant step for McKesson as it broadens its services beyond traditional drug distribution.
Deal structure and valuation
The transaction offers Option Care shareholders $32.05 per share, a 37.1% premium over the company’s last closing price. Under the terms, CD&R will retain a majority ownership stake while McKesson will acquire a 49% minority interest for about $1.4 billion. McKesson also secured a right‑to‑purchase the remaining 51% from CD&R at a later date.
Strategic rationale
Option Care Health is the largest independent infusion‑therapy provider in the United States, serving more than 308,000 patients each year through over 197 locations. Its services include home and ambulatory infusions, specialty pharmacy, and care for complex conditions. The acquisition aligns with McKesson’s strategy to capture the growing demand for home‑based care as the nation’s population ages and patients increasingly prefer treatment outside costly hospital settings.
Leerink Partners analyst Michael Cherny noted that the deal positions McKesson to benefit from the “site‑of‑care shift” away from hospitals and traditional provider settings. By adding Option Care’s extensive home‑infusion network to its existing portfolio, which already includes the Canadian infusion and injection network Inviva, McKesson aims to become a dominant player in the U.S. home‑infusion market.
Financial backdrop
McKesson’s oncology and multispecialty segment, which encompasses its infusion services, reported $14.2 billion in revenue for the most recent quarter—a 33% increase year‑over‑year—driven by specialty distribution and recent acquisitions. The Option Care purchase is expected to close in the first half of 2027, after which the company will operate as a separate entity under its current management team.
Implications for the industry
The transaction follows a recent trend of private‑equity firms targeting home‑health and infusion providers, exemplified by CD&R’s earlier buyout of Enhabit. As more patients seek care in familiar, lower‑cost environments, companies that can deliver high‑quality infusion therapy at home are likely to see continued growth.
Industry observers anticipate that the expanded scale and resources provided by McKesson will enable Option Care to invest in technology, broaden its service offerings, and improve access for patients with complex medical needs.
Next steps
Both parties expect regulatory approvals to be secured in the coming months. Once completed, the combined entity will continue to operate under the Option Care brand, with its existing leadership team overseeing day‑to‑day operations.
For patients and providers, the deal promises greater stability and potential enhancements to home‑infusion services, reinforcing the shift toward more convenient, patient‑centered care models.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
