A healthcare company with a footprint across Pennsylvania, including Lehigh County, is being taken private in a $5.8 billion deal. CD&R and McKesson Corporation have agreed to acquire Option Care Health, the nation's largest independent provider of home and alternate-site infusion services, at $32.05 per share.
The agreement, announced Tuesday, values the transaction at an enterprise value of approximately $5.8 billion, according to a McKesson newsroom announcement. The per-share price represents roughly a 37% premium over Option Care Health's closing stock price on October 5, per the same release. Once the deal closes, CD&R is expected to hold about 51% of the company while McKesson invests approximately $1.4 billion for a roughly 49% minority stake.
Despite changing hands, Option Care Health is expected to keep operating as its own entity. The McKesson release states that the company will remain a separate company led by its own management team, even as its stock disappears from the Nasdaq exchange and it becomes privately held once the sale closes.
What the Deal Means for Patients and the Business
Option Care Health describes itself as the nation's largest independent provider of home and alternate-site infusion services, employing more than 8,000 team members, including over 5,000 clinicians, across all 50 states, according to the company's own statement in the McKesson release. Fierce Healthcare reports the company cares for more than 308,000 patients annually. In Pennsylvania, the company maintains an Allentown location at 951 Marcon Blvd., Suite 6, according to its own location listing, part of a broader Pennsylvania and Delaware Valley network detailed on the company's site.
McKesson framed the investment as part of a broader strategy, with the newsroom release stating that it aligns with the company's long-term plan to expand access and affordability to innovative therapies across the care continuum. Bloomberg has reported that growth in specialty drugs for cancer and other conditions is a key driver fueling demand for infusion services broadly, a trend that helps explain the deal's timing.
Financial Snapshot and What Comes Next
Option Care Health generated more than $5.6 billion in net revenue and $207.6 million in net income in 2025, and its revenue and net income each grew modestly through the first half of 2026 compared with year-end 2025 levels, per Fierce Healthcare's reporting. The company said it expects to release its third-quarter 2026 financial results on November 4, but because of the pending transaction, it will not hold a live conference call and is withdrawing its previously disclosed financial guidance, according to the McKesson release.
The deal is expected to close in the first half of calendar year 2027, subject to approval by Option Care Health's stockholders and the receipt of required regulatory approvals, per the official announcement. As first reported locally by WFMZ, the company trades under the Nasdaq ticker OPCH, a listing that will end once the transaction is finalized.
Part of a Wider Wave of Healthcare Consolidation
The acquisition arrives amid broader scrutiny of the country's largest drug wholesalers. Managed Healthcare Executive notes that the purchase comes as the so-called big three wholesalers face questions over their market dominance and the potential risks of vertical integration. The outlet also points out that rivals have been making similar moves — UnitedHealth Group's Optum division runs Optum Infusion Pharmacy, while CVS Health's infusion arm operates under the name Coram.
McKesson itself has a history of expanding through acquisition, having completed its purchase of the electronic prior-authorization company CoverMyMeds in 2017 and an 80% stake in PRISM Vision Holdings in 2025, according to Managed Healthcare Executive. Competitor Cencora, formerly AmerisourceBergen, has made comparable moves recently too, acquiring an 85% share of Retina Consultants of America for $4.4 billion in 2025 and finalizing its full acquisition of the 2,300-specialist OneOncology network in December 2025, the outlet reports.
