Cencora to Buy American Oncology Network at $2.4 Billion Enterprise Value

The Tip Desk · October 28, 2026 · 1 min read

The pharmaceutical solutions company said the oncology MSO purchase will expand its physician-led platform and support of care in communities nationwide.

Cencora, Inc. (COR) said it has agreed to acquire American Oncology Network, Inc. for an enterprise value of $2.4 billion, consisting of $2.3 billion at closing and contingent value rights of up to $100 million.

The mixed-consideration purchase is subject to customary closing conditions, including required regulatory clearances and AON stockholder approvals.

The pharmaceutical solutions company said the deal will expand its physician-led oncology management services organization and support of care in communities across the country, enhancing capabilities for independent practices and fortifying its growth platform.

“The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country,” said Robert P. Mauch, President and Chief Executive Officer of Cencora.

The oncology purchase follows Cencora’s December 2025 agreement to acquire the majority of the outstanding equity interests it did not already own in OneOncology, a physician-led national platform for independent medical specialty practices in oncology, from TPG. That transaction was described as advancing Cencora’s management services organization and its pharmaceutical-centric strategy.

In March 2026, Cencora signed a definitive agreement to acquire EyeSouth Partners’ retina business for $1.1 billion, with affiliated retina physicians set to join Retina Consultants of America, a leading MSO. The company then said it expected that retina deal to be slightly accretive, net of financing costs, to adjusted diluted EPS in the first twelve months after closing.

Cencora framed the AON acquisition as a further step in building specialty care platforms around independent physicians, alongside OneOncology and RCA. Closing remains contingent on the same customary conditions, including regulatory clearances and AON stockholder votes.