WASHINGTON (dpa-AFX) - Cencora, Inc. (COR) on Monday said it has agreed to acquire the majority of the outstanding equity interests it does not already own in OneOncology, a physician-led platform for independent oncology practices, from alternative asset manager TPG for about $5 billion.
The transaction values OneOncology at an enterprise value of $7.4 billion and an equity value of about $6 billion. Cencora will pay approximately $3.6 billion to acquire the remaining majority equity interests and will retire OneOncology's existing corporate debt of $1.3 billion. OneOncology's affiliated practices and management will retain a minority interest.
The deal is expected to close by the end of Cencora's fiscal 2026 second quarter.
Cencora said the acquisition supports its pharmaceutical-centric strategy by strengthening specialty solutions, expanding partnerships with leading oncology providers, and enhancing patient access to innovative treatments.
Cencora reiterated its fiscal 2026 guidance but said it will pause share repurchases in anticipation of the transaction, making full-year adjusted EPS more likely to fall toward the lower end of its $17.45 to $17.75 guidance range.
The company also raised its long-term outlook, now forecasting adjusted operating income growth of 7% to 10% and adjusted EPS growth of 10% to 14%, reflecting the expected contribution from OneOncology.
'Since our initial investment in OneOncology, the platform has grown substantially as its physician-led approach continues to attract leading practices and physicians,' said Bob Mauch, President and CEO of Cencora. 'Building on this platform and our recent acquisition of RCA, we see significant opportunity to advance research, clinical trials, and patient care in local communities.'
On Friday, Cencora shares closed at $346, up 0.44%.
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