Cencora to acquire majority stake in OneOncology for $3.6 billion

Cencora Inc. (COR) announced it entered a definitive agreement to acquire the majority of outstanding equity interests it does not currently own in OneOncology from TPG for approximately $3.6 billion.

The transaction values OneOncology at $7.4 billion enterprise value with an equity value of approximately $6 billion. Cencora will also retire OneOncology’s existing corporate debt of $1.3 billion, bringing total cash consideration to approximately $5.0 billion. OneOncology’s affiliated practices and management will retain a minority interest.

OneOncology operates as a physician-led national platform supporting independent medical specialty practices focused on oncology. The acquisition builds on Cencora’s existing investment in the company and aligns with its pharmaceutical-centric strategy.

“We are excited to accelerate our acquisition of OneOncology, which will advance our management services organization and aligns with our approach of making growth-oriented investments that support our pharmaceutical-centric strategy,” said Bob Mauch, President and CEO of Cencora.

The transaction is expected to close by the end of Cencora’s fiscal 2026 second quarter, subject to customary closing conditions including regulatory approvals. Cencora plans to fund the acquisition through new debt financing while maintaining its investment grade credit ratings.