Cencora Inc. (NYSE: COR) said Monday it will take majority control of cancer care network OneOncology in a transaction that values the business at approximately $7.4 billion, marking a significant expansion of the drug distributor’s presence in community oncology services.

Cencora, which already owns a minority stake in OneOncology, will acquire most of the remaining equity interests from investment firm TPG and other shareholders for about $3.6 billion in cash. The company will also assume or repay approximately $1.3 billion of OneOncology’s existing debt, bringing the total cash consideration for the transaction to roughly $5 billion.

The deal is expected to close by the end of Cencora’s second quarter of fiscal 2026, subject to customary regulatory approvals. Cencora said it plans to fund the acquisition through newly issued debt.

OneOncology’s affiliated practices, physicians, and management team will retain a minority ownership stake following the transaction, maintaining their involvement in the network’s operations and long-term strategy. The acquisition reflects Cencora’s continued push to expand beyond traditional drug distribution and deepen its role in specialty healthcare services. OneOncology operates a national network of community oncology practices focused on improving patient access to advanced cancer treatments and clinical trials outside of major hospital systems.

Cencora said the transaction will strengthen its specialty solutions platform and enhance its ability to support oncology providers with integrated services, including pharmaceutical distribution, practice management support, and access to innovative therapies. Cencora reaffirmed its fiscal 2026 earnings guidance but said earnings per share are now more likely to land toward the lower end of its prior range of $17.45 to $17.75, reflecting the company’s decision to pause share repurchases ahead of the transaction.

The company maintained its longer-term growth outlook, forecasting adjusted operating income growth of 7% to 10% and adjusted earnings per share growth of 10% to 14%, driven in part by the expected contribution from OneOncology.

About Cencora

Cencora Inc. (NYSE: COR) is a global healthcare solutions company focused on pharmaceutical distribution, specialty services, and healthcare provider support. The company partners with manufacturers, pharmacies, providers, and patients to improve access to medicines and advance healthcare delivery worldwide.

About OneOncology

OneOncology is a national network of community oncology practices dedicated to delivering high-quality, patient-centered cancer care. The organization supports independent oncology providers with clinical, operational, and research capabilities designed to expand access to innovative treatments and clinical trials within local communities.

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