McKesson buys $2.5B stake in physician-owned oncology network
McKesson announced it is set to purchase a controlling stake in Community Oncology Revitalization Enterprise Venture (Core Ventures), a business services subsidiary of physician-owned Florida Cancer Specialists & Research Institute.
According to an announcement, the agreement has been finalized, and the $2.49 billion cash purchase would give McKesson a controlling 70% stake in Core Ventures.
Florida Cancer Specialists & Research Institute represents 250 physicians and 100 oncology clinics throughout Florida, all of which are supported by Core Ventures. Upon completion of the sale, Core Ventures will be integrated into McKesson's oncology platform.
While the Florida Cancer Specialists & Research Institute will retain its independence, all of its operations will become part of the McKesson oncology network.
"This milestone marks an important step forward in our efforts to advance community-based oncology care,” Brian Tyler, chief executive officer, McKesson, said in the announcement. “By growing our oncology platform, we will bring advanced treatments and improved care experiences to patients, while also reducing the overall cost of care. Florida Cancer Specialists & Research Institute’s and Core Ventures’ expertise and patient-first approach align with our commitment to accelerating clinical development, improving patient outcomes, and expanding access to quality cancer care in the community.”
In the statement, physician leaders from Florida Cancer Specialists & Research Institute said the move will ultimately benefit patients, allowing for improved oncology care coordination in the state.
It is not clear what regulatory approvals, if any, remain before the deal clears.
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