McKesson, CD&R to Acquire Option Care Health in $5.8 Billion Strategic Infusion Services Deal

McKesson Corporation (NYSE: MCK) and private equity firm Clayton, Dubilier & Rice (CD&R) have signed a definitive agreement to acquire Option Care Health (Nasdaq: OPCH), an independent provider of home and alternate-site infusion services, for $32.05 per share, valuing the transaction at approximately $5.8 billion enterprise value. McKesson will take a ~49% minority stake, investing about $1.4 billion, while CD&R will hold the majority interest of roughly 51%. The transaction is expected to close in the first half of calendar year 2027, pending customary regulatory and shareholder approvals.

This arrangement represents a premium of approximately 37% over Option Care Health’s closing share price on October 5, 2026, the last full trading day prior to the announcement. Following the closing, McKesson plans to account for its minority interest using the equity method, reporting its share of Option Care’s net income or loss in “Other Income, net.” Option Care Health will continue to operate under its current management and structure.

The deal underscores McKesson’s strategic emphasis on expanding in specialty care. Option Care Health’s capabilities in home and ambulatory infusion services align with McKesson’s broader efforts to enhance access to complex specialty, rare, and orphan therapies outside traditional settings.

This development arrives shortly after McKesson announced on October 1 that it had signed an agreement in principle to extend its pharmaceutical distribution partnership with CVS Health through June 2032. That extension solidifies a core revenue source tied to a long-term partnership.

For investors, the Option Care Health acquisition marks a significant move for McKesson, propelling deeper into high-growth specialized healthcare services while leveraging its infrastructure and distribution prowess. Market watchers will monitor how this transaction integrates and influences McKesson’s margins, earnings trajectory, and overall strategic positioning.

The newly confirmed agreement represents the most material development for McKesson in the past week, with direct and verified implications for the company’s strategic expansion and investment focus.