CONSHOHOCKEN, PA — Cencora, Inc. (NYSE: COR) said it has agreed to acquire the majority of the outstanding equity it does not already own in OneOncology, deepening its push into physician-led specialty care while reaffirming its fiscal 2026 outlook.
Under the definitive agreement, Cencora will buy the remaining controlling interests in OneOncology from TPG and other shareholders, valuing the oncology-focused management services platform at $7.4 billion. The transaction carries an equity value of about $6 billion and a total cash consideration of roughly $5.0 billion, including the retirement of $1.3 billion in existing corporate debt. OneOncology’s affiliated practices and management will retain a minority stake.
Cencora President and Chief Executive Officer Bob Mauch said the deal accelerates the company’s expansion of its management services organization and aligns with its pharmaceutical-centric growth strategy. He pointed to OneOncology’s physician-led model and expanding national footprint as key drivers supporting patient access to care in community settings.
OneOncology Chief Executive Officer Jeff Patton, M.D., said the expanded partnership allows the platform to maintain independence while tapping into Cencora’s scale and healthcare expertise. He said the combination is expected to help practices navigate increasing complexity in cancer care and allow physicians to focus more directly on patients.
Cencora said the acquisition advances all three of its stated growth priorities. The company expects to strengthen its specialty solutions for physicians seeking operational support and access to advanced therapies, align more closely with market-leading community care platforms, and improve patient access to pharmaceuticals and clinical trials through combined capabilities across OneOncology and Retina Consultants of America.
The transaction is expected to close by the end of Cencora’s fiscal 2026 second quarter, subject to customary closing conditions and regulatory approvals. Cencora plans to finance the deal with new debt and said it intends to prioritize deleveraging while maintaining its investment-grade credit ratings.
The company said the acquisition is expected to be approximately neutral to adjusted diluted earnings per share in the first 12 months following closing, net of financing costs. Cencora reiterated its fiscal 2026 consolidated guidance and said adjusted diluted EPS is likely to land toward the lower end of its projected range of $17.45 to $17.75, reflecting a pause in share repurchases ahead of the transaction.
Citi is serving as lead financial advisor to Cencora, with J.P. Morgan Securities LLC also advising. Morgan, Lewis & Bockius LLP and Sidley Austin LLP are acting as legal advisors.
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