Cencora to buy nationwide oncology network in $5B deal
Pennsylvania-based international drug distributor Cencora announced on Monday that it's buying a majority stake in a network of cancer care centers as part of an ongoing effort to strengthen its foothold in specialty services.
After the $5 billion deal is finalized, Cencora will effectively be the owner of OneOncology, a physician-led group that partners with clinics, providing analytics and patient care support in oncology.
Its list of affiliated groups includes Tennessee Oncology, Los Angeles Cancer Network, Mary Bird Perkins Cancer Center and more than a dozen other oncology-based research or patient care locations nationwide.
Before the acquisition, Cencora—formerly AmerisourceBergen—owned a minority stake in OneOncology. It will now be buying most of the remaining shares from TPG, a private equity firm that served as the majority owner of the oncology servicer.
The deal will be finalized in $3.6 billion in cash, with Cencora paying an additional $1.3 billion to cover some of OneOncology’s debt. According to the companies, the transaction values the oncology network at $7.4 billion.
Cencora said the purchase will provide it with better access to specialty cancer drugs, which are seeing a surge in demand. It also makes a big leap into managed service organizations with the buyout, something President and CEO of Cencora, Bob Mauch, said will complement its “pharmaceutical-centric strategy.”
“Since our initial investment in OneOncology, the platform has grown substantially as its physician-led approach continues to attract leading practices and physicians, supporting patient access to high-quality care in local communities,” Mauch added. “With our recent acquisition of RCA, we look forward to building on both platforms’ research and clinical trial capabilities, advanced technology resources and strong physician leadership to drive unique value to our stakeholders.”
The deal is expected to close in Q1 2026. Cencora’s stock stands at $341.72 per share, up 52% year to date.
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