By Ike Swetlitz | Updated on Oct 06, 2026 at 02:52 PM
McKesson Corp. and the private equity firm Clayton Dubilier & Rice will buy infusion provider Option Care Health Inc. for an enterprise value of about $5.8 billion, as the growth of specialty drugs for cancer and other conditions drives demand for those services.
CD&R will hold a majority ownership interest in Option Care, which will continue to be led by its own management team, the companies said in a statement. McKesson, which already manages medical clinics and infusion services, will invest roughly $1.4 billion for about 49% interest in the company. The deal also establishes a framework for McKesson’s future acquisition of CD&R’s stake.
Option Care shares rose 33% when markets opened in New York on Tuesday, after surging overnight following a Financial Times report on the deal talks. The acquisition price of $32.05 a share marks a 37% premium from the company’s closing share price on Monday.
In recent years, drug distributors like McKesson have been expanding into the business of managing medical clinics, and in doing so become more vertically integrated. Distributors sell drugs to the clinics, and running them increases the distributors’ control over the supply chain, according to the research group Drug Channels Institute.
The deals can also be a boon for distributors’ profits, as medical services generally have higher margins than drug wholesaling. McKesson’s long-term adjusted operating profit growth target for its oncology and multispecialty division is 13% to 16%, compared to 5% to 8% for its North American pharmaceutical distribution business.
“The transaction would further expand McKesson’s specialty services platform, adding home and outpatient infusion capabilities aligned with its focus on delivering complex therapies in lower-cost community settings,” wrote Elizabeth Anderson, an analyst at Evercore ISI, in a note to clients. “Strategically, while the initial earnings contribution is modest, the transaction broadens McKesson’s specialty care footprint and creates an opportunity to increase its ownership over time.”
Option Care, the largest independent provider of infusion services at home and in local therapy centers, delivers medications, fluids and nutrients to treat ailments such as cancer and autoimmune diseases to patients across the US. It treated more than 315,000 people in 2025.
The deal is part of McKesson’s long-term strategy to increase access, particularly as the demand for specialty and other rare disease treatments that require a complex infusion process grows, said Chief Executive Officer Brian Tyler in the statement. Patients often get their infusions at hospitals or other medical centers, which can be an expensive and time-consuming ordeal. Option Care treats them in more comfortable and lower-cost community settings or at home.
The deal is expected to close in the first half of 2027.