McKesson & CD&R Acquire Leading US Home-Infusion Platform

Major healthcare distributor McKesson and private equity firm Clayton, Dubilier & Rice (CD&R) have agreed to acquire Option Care Health, the US’ leading independent provider for outpatient infusion care. 

CD&R will take a majority interest, while McKesson will invest around US$1.4bn for its minority stake. Option Care Health will retain its current management structure and status as a separate entity once the transaction is complete. 

The US$5.8bn deal values Option Care Health at US$32.05 per share and is expected to close during the first half of 2027.  

“As a strategic investor, we look forward to bringing McKesson’s experience and expertise in specialty pharmaceuticals to support Option Care Health’s strategy,” says Brian Tyler, Chief Executive Officer of McKesson. 

The transaction also provides McKesson with a pathway to acquire CD&R’s stake in the future, the company confirms.

As a supplier of specialty medicines, McKesson’s partial ownership of a preeminent alternative-site infusion platform is set to broaden its reach, as complex therapies are increasingly delivered beyond hospitals.

Scaling accessible treatment options

Option Care Health provides outpatient infusion services for patients with acute and chronic conditions, giving manufacturers, providers and payers an established platform for delivering therapies outside hospital environments. 

From 2016 to 2019, the company invested over US$100m into scaling its platform. Its infusion services span a wide range of disciplines, including oncology, neurology and cardiology. 

“We are thrilled to have the support of CD&R and McKesson, empowering us to continue investing strategically and accelerate the pace of our advanced technology deployment to improve clinical outcomes and reduce the total cost of care,” says John Rademacher, CEO of Option Care Health.

As specialty, rare and orphan therapies advance, they grow increasingly complex to deliver. Ensuring care remains accessible and affordable to all patients, including those facing geographical or financial barriers to hospital treatment, is crucial. 

Backing from providers of CD&R and McKesson’s scale will allow the company to invest further in its clinical infrastructure, including its nationwide network of ambulatory infusion clinics. 

A relationship with McKesson, with its extensive experience in specialty drug logistics and distribution, offers Option Care Health the potential to leverage McKesson’s specialised supply-chain infrastructure to enhance its procurement, inventory and delivery capabilities. 

Poised for long-term growth as specialty care develops, the capital and pharmaceutical relationships Option Care Health gains from the transaction promise to expedite its scaling process.

Implications for McKesson: the growth of specialty care 

“McKesson is focused on investing in areas where our capabilities can help improve access and advance care in lower-cost community settings, at or closer to home,” says Brian, in response to the impending acquisition.

McKesson’s 2026 Fiscal Year Impact Report highlights investment in alternative-site and local care as a priority target. 

McKesson has operated The US Oncology Network since 2010, a community oncology platform designed to expand access to sophisticated cancer treatments. Through the network, it has:

• Partnered with more than 3,300 affiliated cancer care providers.
• Established more than 700 sites of care across 31 states.
• Treated more than 1.6 million patients.
• Launched around 330 clinical trials across a range of disciplines.
• Invested US$114m into local, accessible cancer practices across the US.

The Option Care Health transaction will allow it to extend its investment beyond oncology.

“What excites me… is the opportunity to help advance where specialty care is headed,”  writes Ramesh Srinivasan, EVP and Chief Strategy Officer at McKesson, in a LinkedIn post about the deal. 

“As the pipeline of specialty, rare and orphan therapies continues to grow, home and ambulatory settings will play an increasingly important role in expanding access to high-quality care in lower-cost settings.”

McKesson’s key partners

Genentech 

CEO: Ashley Magargee | HQ: San Francisco, California

Part of the Roche group, Genentech is a pioneer in biotechnology, focused on developing breakthrough medicines for serious and life-threatening medical conditions. Through long-standing commercial supply agreements, McKesson serves as a primary distributor for Genentech’s specialty oncology and rare disease portfolio, ensuring secure, temperature-controlled biopharma distribution across hospital networks and community-based specialty clinics.

Oracle

CEO: Clay Magouyrk & Mike Sicilia | HQ: Austin, Texas, 

Oracle partners with McKesson to modernise enterprise software and cloud infrastructure across its pharmaceutical distribution operations. By utilising Oracle Cloud Applications and database technologies, McKesson optimises real-time inventory tracking, automates order fulfillment, and secures high-volume transactional data. This technology architecture strengthens supply-chain visibility, enabling reliable drug distribution to healthcare providers and specialty practices nationwide.

Sarah Cannon Research Institute

CEO: Dee Anna Smith | HQ: Nashville, Tennessee

A leading US oncology research organisation, the Sarah Cannon Research Institute (SCRI) is a joint venture between McKesson and HCA Healthcare. SCRI conducts clinical trials across community-based care networks, working with The US Oncology Network to expand treatment access by bringing research closer to patients.