McKesson & CD&R to Acquire Option Care Health for $5.8B Enterprise Value

Executive Summary

On October 6, 2026, McKesson Corporation filed a Form 8-K reporting an agreement alongside private equity firm Clayton, Dubilier & Rice, LLC (CD&R) to acquire Option Care Health, Inc. (Nasdaq: OPCH), a prominent independent provider of home and alternate site infusion therapy services.

Transaction Structure & Financial Terms

• Purchase Price & Enterprise Value: Option Care Health shareholders will receive $32.05 per share in cash, representing an enterprise value of approximately $5.8 billion and a 37% premium over the closing price on October 5, 2026.
• Ownership Split:
  • CD&R: Majority interest of approximately 51%.
  • McKesson: Minority interest of approximately 49%, funded via an investment of approximately $1.4 billion.
• Future Path to Full Ownership: The agreement outlines an explicit framework for McKesson to acquire CD&R’s 51% controlling interest at a future date, subject to designated conditions and regulatory clearances.
• Accounting Treatment: Post-close, McKesson will account for its stake via the equity method of accounting, reflecting its proportionate share of Option Care Health’s net earnings/losses in Other Income, net.

Strategic Rationale

• Specialty Care Expansion: Broadens McKesson’s footprint in complex specialty, rare, and orphan therapeutics.
• Alternate Site Infusion Delivery: Leverages Option Care Health's network of over 5,000 clinicians and 8,000 team members across all 50 states to shift infusion therapies into lower-cost, home, and ambulatory community settings.
• Operational Autonomy: Option Care Health will remain an independent company led by its current management team.

Timeline and Closing Conditions

The acquisition is anticipated to close in the first half of calendar year 2027, subject to Option Care Health shareholder approval and standard regulatory clearances.