McKesson and CD&R agree to acquire Option Care Health for $5.8 billion

Mckesson Corp, the US healthcare services and drug distribution company, and Clayton Dubilier & Rice (CD&R), the private investment firm, have agreed to acquire Option Care Health for approximately $5.8 billion.

The buyers will pay $32.05 a share for Option Care Health, the largest independent provider of home and alternate-site infusion services in the US, representing a 37% premium to Monday's closing price.

CD&R will hold approximately 51% of Option Care Health after the transaction, while McKesson will invest approximately $1.4 billion for a minority stake of about 49%.

Option Care Health provides infusion services for patients with acute and chronic conditions through homes and ambulatory sites across all 50 states, with more than 8,000 employees, including more than 5,000 clinicians.

It will remain a separate company under its existing management team, while McKesson will support its strategy to expand access to complex specialty therapies in community-based settings.

Shares of Option Health opened over 30% higher on Tuesday morning in New York, trading at $31.

The transaction also establishes a framework for McKesson to acquire CD&R's interest in Option Care Health in the future, subject to specified conditions and regulatory approvals.

The deal reflects McKesson's strategy of investing in specialty care and expanding access to therapies that can be delivered outside traditional healthcare settings.

The companies expect the transaction to close in the first half of calendar 2027, subject to approval from Option Care Health's stockholders and required regulatory clearances.

Option Care Health will become privately held and its common stock will no longer be listed on the Nasdaq Stock Exchange once the transaction is completed.

The company will release its third-quarter 2026 financial results on November 4, but will not hold a conference call and has withdrawn its previously disclosed 2026 financial guidance.

Option Care Health said it would continue operating as usual during the transaction process, maintaining its existing services for patients, providers, employees and partners.