McKesson and CD&R close in on $5bn-plus acquisition of Option Care Health

McKesson and Clayton Dubilier & Rice are nearing a deal to acquire Option Care Health, a leading provider of infusion services in the United States, for more than $5 billion including debt, according to a Financial Times report. The healthcare company, which provided specialist infusion treatments to over 315,000 patients last year, is in advanced talks with the pharmaceutical distributor and private equity firm.

An agreement is expected soon, though the talks remain fluid. Option Care's services are delivered in patients' homes and through a network of 184 care centers. The potential takeover comes as private equity firms show growing interest in healthcare services businesses whose valuations have been impacted by market conditions. Option Care's shares fell about 27% this year before the news of the deal broke, giving the company an enterprise value of around $4.7 billion, including $1.2 billion in debt.

However, shares surged around 22% in after-hours trading following reports of an imminent transaction. Under the proposed terms, CD&R would acquire a 51% stake in Option Care through a joint venture with McKesson, which would hold the remaining 49%. McKesson would also retain the option to purchase CD&R's stake at a later date. The deal would merge CD&R's healthcare and carve-out expertise with McKesson's status as one of the world's largest pharmaceutical distributors.

The acquisition would further bolster McKesson's expansion into higher-growth healthcare services. In the past year, McKesson generated approximately $403 billion in revenue and has a market capitalization of around $107 billion. Its shares have increased by about 11.5% since the beginning of 2026.