CD&R, McKesson to Take Option Care Health Private
The infusion-services provider will remain a separate company as CD&R takes a majority stake and McKesson takes a minority stake with a path to buy the rest.
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, a total enterprise value of approximately $5.8 billion.
The all-cash price represents a premium of approximately 37% to Option Care Health’s closing share price on October 5, 2026, the last full trading day before the announcement. At closing, CD&R will hold a majority ownership 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.
The transaction also establishes a framework for McKesson’s future acquisition of CD&R’s interest, subject to specified conditions and regulatory approvals. Following the close, McKesson intends to account for its minority stake using the equity method of accounting, recording its share of Option Care Health’s net income or loss in Other Income, net.
McKesson said the investment aligns with its long-term strategy to expand access and affordability to innovative therapies across the care continuum. “As these therapies continue to grow in importance and their delivery becomes increasingly complex, McKesson is focused on investing in areas where our capabilities can help improve access and advance care in lower-cost community settings, at or closer to home,” said Brian Tyler, Chair and Chief Executive Officer of McKesson. The company said Option Care Health’s clinical model and national infusion footprint across home and ambulatory sites are well aligned with those priorities.
Option Care Health’s board unanimously recommended the deal after an extensive assessment. “The Board of Directors completed an extensive assessment, involving thorough discussions with our advisors, and unanimously concluded this transaction maximizes value for our stockholders,” said Harry Kraemer, Chairman of the Board of Option Care Health. Chief Executive Officer John C. Rademacher said the company would continue to enhance its platform and deepen partnerships with hospitals, physicians, payers, and biopharma manufacturers.
CD&R Partner Sarah Kim said the firm looks forward to supporting Option Care Health’s management team and applying CD&R’s healthcare-services experience to bring specialized therapies to more patients. McKesson said it will bring specialty-pharmaceuticals expertise to support the company’s strategy of broadening access to complex therapies in lower-cost settings.
The deal 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. Upon completion, Option Care Health’s common stock will no longer be listed on the Nasdaq Stock Exchange, and the company will become privately held.
Option Care Health expects to release third-quarter results for the period ended September 30, 2026, on November 4, 2026. Given the transaction announcement, the company will not host a live conference call with that release and is withdrawing its previously disclosed financial guidance.