Option Care Health, a provider of infusion therapy services, is being acquired by private equity firm CD&R and healthcare conglomerate McKesson in a deal valued at $5.8 billion, the companies announced Tuesday morning.
The purchase will take Option private at a per-share offer price of $32.05, a 37% premium over the company’s closing price. Its stock had begun trending higher after close when early reports of the definitive agreement began to swirl, and as of Tuesday morning, it is trading at about $31 per share.
The deal is expected to close in the first half of 2027, subject to customary closing conditions like regulatory approvals and shareholder go-ahead. It would leave CD&R with a 51% stake in the company and McKesson a roughly 49% interest, for which it plans to invest about $1.4 billion. The agreement also outlines a framework for McKesson to acquire CD&R’s interest sometime in the future, according to the announcement.
“For more than 45 years, Option Care Health has helped transform the way infusion therapy is delivered, led by our team members’ unwavering commitment to providing extraordinary care to patients,” Option CEO John Rademacher said in the announcement. “We will continue to enhance our platform and deepen our partnerships with hospitals and health systems, physicians, payers and biopharma manufacturers.”
Option says it is the country’s largest independent at-home and alternate site infusion services provider. It operates across all 50 states, cares for more than 308,000 patients per year and employs 8,000 people, 5,000 of whom are clinicians.
“We are thrilled to have the support of CD&R and McKesson, empowering us to continue investing strategically and accelerate the pace of our advanced technology deployment to improve clinical outcomes and reduce the total cost of care,” Rademacher said. “Both firms understand our business and the healthcare industry, and have proven track records of fostering growth for some of the largest and fastest-growing healthcare service businesses globally.”
McKesson—whose oncology and multispecialty business unit notched $48.4 billion in revenue during 2025, a 31% year-over-year increase fueled by acquisitions—noted in its announcement that the pickup is in line with its strategic goals around specialty care and access to complex services outside of traditional healthcare settings. Ongoing development of specialty, rare and orphan therapies is boosting demand for alternate infusion services, the company said, and “represent an attractive long-term growth opportunity” across different types of healthcare and biopharma customers.
“Option Care Health’s clinical model and national infusion footprint across home and ambulatory sites are well aligned with those priorities, and the company is well positioned for continued growth,” Brian Tyler, chair and CEO of McKesson, said in the announcement. “As a strategic investor, we look forward to bringing McKesson’s experience and expertise in specialty pharmaceuticals to support Option Care Health’s strategy of broadening access to complex therapies and enabling care delivery in lower-cost settings, while creating long-term value for stakeholders.”