Cencora, the Conshohocken-based pharmaceutical services giant, is writing a ten-figure check to bulk up its eye-care empire. The company announced Monday that it has signed a definitive agreement to buy EyeSouth Partners’ retina business for $1.1 billion. The deal will fold EyeSouth’s affiliated retina physicians into Cencora’s Retina Consultants of America (RCA) network and marks another step in Cencora’s push beyond drug distribution into higher-margin specialty care. The acquisition was disclosed March 23.
In a press release via Cencora, the company confirmed the $1.1 billion price tag and said EyeSouth’s affiliated retina physicians will join RCA. “Driven by a commitment to empower ophthalmologists,” Cencora President and CEO Robert P. Mauch said in the release, adding that the move is intended to expand access to sight-saving treatments and clinical research offerings.
The EyeSouth deal is the latest in Cencora’s retinal land grab. The company previously announced a major purchase of Retina Consultants of America late in 2024 and closed that transaction in January 2025, creating a nationwide management-services platform for retina specialists. Retinal Physician reported that the RCA deal brought hundreds of retina specialists and an extensive clinical-trial footprint under Cencora’s umbrella.
Why Retina Matters
EyeSouth, headquartered in Atlanta, describes itself as a physician-led management services organization with more than 60 affiliated practices, roughly 276 locations and over 400 doctors, according to the company’s website. EyeSouth Partners says its platform emphasizes operational support and research. Rolling those retina practices into RCA could widen patient access to new therapies and clinical trials, one of the core reasons strategic buyers have been consolidating retina platforms in the first place.
Deal Mechanics and Timeline
According to Cencora, BofA Securities is serving as lead financial advisor to Cencora, with Citi and Sidley Austin also advising. Jefferies LLC and Kirkland & Ellis LLP are advising EyeSouth. The companies said the transaction is subject to customary closing conditions, including required regulatory approvals, and Cencora noted that its current fiscal-2026 guidance does not assume the deal will close this fiscal year.
Local Impact and What to Watch
The purchase further cements Conshohocken-based Cencora’s role as a national consolidator of retinal care and will be closely watched by local provider groups, investors and payors for its effects on contracting and referral flows. As reported by the Philadelphia Business Journal, the move adds to Cencora’s string of specialty investments and underscores the competition between RCA-backed platforms and private-equity-sponsored networks like EyeSouth. Bass, Berry & Sims has documented EyeSouth’s partnership with Olympus Partners in its reporting on the company’s recent deals, highlighting the private equity firepower behind the seller.
