McKesson and private equity firm CD&R have agreed to buy the nation’s largest independent home infusion provider, a deal that ties one of the biggest drug distributors to a site of care that health systems both refer patients to and compete with.
The two companies will acquire Option Care Health for $32.05 per share, reflecting a total enterprise value of about $5.8 billion, according to an Oct. 6 news release. CD&R will hold a majority interest of about 51%, and McKesson will invest about $1.4 billion for a minority interest of about 49%. The agreement also sets up a framework for McKesson to later acquire CD&R’s interest, subject to conditions and regulatory approvals. Option Care Health will remain a separate company led by its own management team.
For McKesson, the deal extends a push into oncology and specialty care. Its oncology and multispecialty segment, which includes infusion services, recorded $14.2 billion in revenue last quarter, up 33% from a year earlier.
The transaction is expected to close in the first half of 2027, subject to customary closing conditions, Option Care Health stockholder approval and required regulatory approvals.
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