Drug distributor McKesson and private equity firm Clayton, Dubilier & Rice have agreed to acquire Option Care Health for $5.8 billion including debt. Under the agreement, CD&R will hold a 51% majority stake and McKesson will invest $1.4 billion for a 49% minority stake, with a framework to buy out CD&R in the future. The acquisition capitalizes on growing demand for home-based infusion therapies driven by an aging population and the rise of specialty drugs.
Acquisition agreement and financial terms
- ▪McKesson and CD&R's acquisition offer of $32.05 per share for Option Care Health represents a 37.1% premium to Option Care Health's last closing price, causing its shares to rise 33% to $31.11 in premarket trading on October 6, 2026
- ▪Drug distributor McKesson and private equity firm Clayton, Dubilier & Rice agreed on October 6, 2026 to acquire infusion therapy provider Option Care Health in a deal valued at approximately $5.8 billion including debt
Post-acquisition ownership and management
- ▪Clayton, Dubilier & Rice will hold approximately 51% of Option Care Health following the close of the transaction to acquire Option Care Health, and McKesson will invest approximately $1.4 billion for about 49%
- ▪Option Care Health will remain a separate company led by its own existing management team after the acquisition by Clayton, Dubilier & Rice and McKesson
McKesson's business and growth strategy
- ▪McKesson's oncology and multispecialty segment, which includes infusion services, recorded revenue of $14.2 billion in the latest quarter, representing a 33% increase from the previous year
- ▪McKesson's acquisition of Option Care Health aligns with McKesson's strategy to expand its healthcare services footprint and capitalize on the site-of-care shift away from hospital and provider settings
Debatable claims
- ▪McKesson's vertical integration into patient care services harms healthcare competition
- ▪Private equity ownership of home healthcare services does more harm than good
- ▪Shifting complex infusion therapy to home settings compromises patient safety
- ▪Regulators should block McKesson's acquisition of Option Care Health
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