McKesson and private equity firm Clayton, Dubilier & Rice (CD&R) have agreed to acquire Option Care Health in a deal valued at approximately $5.8 billion, including debt. The McKesson and CD&R’s Option Care acquisition will take the largest independent infusion therapy provider private in the U.S.
In the McKesson and CD&R deal, McKesson will invest about $1.4 billion for a 49% stake, while CD&R will hold the remaining 51%. McKesson will also have the right to purchase CD&R’s 51% stake in the future.
Under the Option Care Health acquisition deal, shareholders will receive $32.05 per share, representing a 37.1% premium to Option Care Health’s previous closing price. Option Care Health will continue operating as a separate company.
The deal is expected to close in the first half of 2027.
About The Infusion Therapy Provider Option Care Health
Option Care provides infusion therapy, a treatment method that delivers medicines directly into the bloodstream when patients require therapies that may not be suitable for standard oral treatment.
Option Care Health’s services include home infusion, ambulatory infusion, specialty pharmacy services, and care for complex conditions.
Option Care serves more than 308,000 patients annually across more than 197 locations.
The business has also benefited from growing demand for care outside hospitals and other higher-cost healthcare settings.
McKesson Option Care Acquisition To Expand Home Care
The McKesson and CD&R deal expands McKesson’s healthcare services footprint beyond its core pharmaceutical distribution business.
Option Care’s home-based and alternate-site infusion services complement McKesson’s existing focus on specialty care and oncology. McKesson’s oncology and multispecialty segment, which includes infusion services, generated $14.2 billion in revenue in its latest quarter, up 33% from a year earlier.
The McKesson and CD&R’s Option Care acquisition also aligns with the broader shift toward home-based healthcare, as more patients receive treatment outside hospitals. As the U.S. population ages and patients increasingly choose treatment in lower-cost settings, the demand for home-based care is increasing.
“This investment represents an important opportunity to expand access and affordability to innovative therapies across the care continuum,” said McKesson CEO Brian Tyler in the official statement.
CD&R Option Care Acquisition To Create Majority Ownership
CD&R will hold a 51% majority stake in Option Care following the acquisition deal, while McKesson will own 49%. This ownership structure gives CD&R control of the business following the transaction, while McKesson maintains a substantial minority position and potential future ownership rights.
McKesson and CD&R deal will give McKesson significant exposure to the infusion therapy business while preserving a future pathway to acquire CD&R’s interest. Option Care will remain a separate company rather than becoming fully integrated into McKesson’s operations.
Option Care Acquisition Deal To Close Soon
The McKesson and CD&R’s Option Care acquisition is expected to close in the first half of 2027, assuming it receives the required shareholder and regulatory approvals.
Once completed, Option Care Health will become privately held. The company is expected to retain its existing management team and continue providing home and alternate-site infusion services.
