CD&R and McKesson to Take Option Care Health Private
McKesson will invest about $1.4 billion for a 49% minority stake as CD&R takes a 51% majority and Option Care Health leaves Nasdaq.
CD&R and McKesson Corporation (MCK) agreed to acquire Option Care Health, Inc. (OPCH), the nation’s largest independent provider of home and alternate-site infusion services, for $32.05 a share in cash, a total enterprise value of approximately $5.8 billion.
The price represented a premium of approximately 37% to Option Care Health’s closing share price on October 5, 2026, the last full trading day of the company’s common stock before the announcement. Option Care Health’s board unanimously recommended the deal after an extensive assessment with advisors, and the company said the transaction provides immediate cash value for stockholders.
At closing, CD&R will hold a majority interest of approximately 51% and McKesson will invest approximately $1.4 billion for a minority interest of approximately 49%. Option Care Health will remain a separate company led by its own management team, and its common stock will no longer be listed on the Nasdaq Stock Exchange. Following closing, McKesson intends to account for its minority interest using the equity method, recording its share of Option Care Health’s net income or loss in Other Income, net.
The agreement also establishes a framework for McKesson’s future acquisition of CD&R’s interest, subject to specified conditions and regulatory approvals.
“This investment represents an important opportunity that aligns with McKesson’s long-term strategy to expand access and affordability to innovative therapies across the care continuum,” said Brian Tyler, Chair and Chief Executive Officer of McKesson. McKesson said continued innovation in specialty, rare and orphan therapies and the increasing need for alternate infusion services represent an attractive long-term growth opportunity, and that Option Care Health’s home and ambulatory infusion capabilities help patients access complex therapies outside traditional care settings.
Option Care Health said it has more than 8,000 team members, including more than 5,000 clinicians, and operates in all 50 states. Chief Executive Officer John C. Rademacher said the company will continue to enhance its platform, deepen partnerships with hospitals, health systems, physicians, payers and biopharma manufacturers, and accelerate advanced technology deployment.
The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions, including approval by Option Care Health’s stockholders and required regulatory approvals. Option Care Health expects to release third-quarter results for the period ended September 30, 2026, on November 4, 2026, will not host a live conference call with that release, and is withdrawing previously disclosed financial guidance.