Key Takeaways
- • McKesson and Clayton Dubilier & Rice (CD&R) agreed to acquire infusion therapy provider Option Care Health for approximately $5.8 billion including debt, taking the company private at $32.05 per share—a 37.1% premium to Option Care's last closing price.
- • CD&R will hold majority ownership (51%) at closing, while McKesson will invest $1.4 billion for a 49% stake and retain the right to purchase the remaining 51% from CD&R at a future date.
- • Option Care Health is the largest independent infusion therapy provider in the U.S., serving over 308,000 patients annually across more than 197 locations, positioning the deal to capitalize on the structural shift toward home-based care as the U.S. population ages.
- • The transaction represents McKesson's latest expansion into healthcare services, following its model of diversifying beyond pharmaceutical distribution into higher-margin care delivery segments with growing demand.
Summary
McKesson Corporation and private equity firm Clayton Dubilier & Rice announced an agreement to acquire Option Care Health and take it private in a transaction valued at approximately $5.8 billion including debt. The per-share acquisition price of $32.05 represents a significant 37.1% premium to Option Care's prior closing price, reflecting strong market validation of the company's strategic position. Option Care shares surged 33% in premarket trading following the announcement.
Under the deal structure, CD&R will assume majority control with a 51% stake at closing, while McKesson will invest approximately $1.4 billion to secure a 49% ownership interest. Importantly, McKesson has negotiated the right to purchase CD&R's remaining 51% stake at a future date, providing a potential exit route for the private equity firm and a path for McKesson to eventually achieve full ownership. Option Care Health will operate as a separate company with its existing management team remaining in place.
The acquisition aligns with McKesson's strategic pivot toward site-of-care economics and reflects broader industry trends. Option Care Health operates as the largest independent infusion therapy provider in the United States, serving more than 308,000 patients annually through over 197 locations offering home infusions, ambulatory infusions, specialty pharmacy services, and complex care management. The infusion therapy market exceeds $100 billion and continues expanding as demographic shifts—particularly an aging U.S. population—drive demand for lower-cost, home-based treatment alternatives to traditional hospital settings. Leerink Partners analyst Michael Cherny characterized the deal as aligning McKesson with the structural shift in healthcare delivery away from institutional provider settings toward patient homes and outpatient facilities.
Under the deal structure, CD&R will assume majority control with a 51% stake at closing, while McKesson will invest approximately $1.4 billion to secure a 49% ownership interest. Importantly, McKesson has negotiated the right to purchase CD&R's remaining 51% stake at a future date, providing a potential exit route for the private equity firm and a path for McKesson to eventually achieve full ownership. Option Care Health will operate as a separate company with its existing management team remaining in place.
The acquisition aligns with McKesson's strategic pivot toward site-of-care economics and reflects broader industry trends. Option Care Health operates as the largest independent infusion therapy provider in the United States, serving more than 308,000 patients annually through over 197 locations offering home infusions, ambulatory infusions, specialty pharmacy services, and complex care management. The infusion therapy market exceeds $100 billion and continues expanding as demographic shifts—particularly an aging U.S. population—drive demand for lower-cost, home-based treatment alternatives to traditional hospital settings. Leerink Partners analyst Michael Cherny characterized the deal as aligning McKesson with the structural shift in healthcare delivery away from institutional provider settings toward patient homes and outpatient facilities.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.