Cencora to Buy Out TPG Stake and Take Control of OneOncology in $5B Deal

CencoraDealroom has a profile for this one. Try Dealroom → has agreed to take majority control of OneOncology, the US community oncology network, in a transaction valued at about $5bn, deepening its push into cancer care services and specialty medicines. The deal will see Cencora acquire most of the remaining equity it does not already own, primarily buying out investment firm TPG’s stake.

Under the terms of the agreement, Cencora will pay around $3.6bn in cash for equity and assume roughly $1.3bn of OneOncology’s debt, valuing the business at approximately $7.4bn. The transaction is expected to close by the end of Cencora’s second quarter of fiscal 2026 and will be funded through new debt.

OneOncology was founded to support independent oncology practices in the US, providing clinical, operational and technology services while allowing physicians to remain autonomous. The network works with hundreds of oncologists across dozens of practices, positioning itself as a counterweight to hospital consolidation in cancer care.

Cencora, formerly AmerisourceBergen, has been a shareholder in OneOncology since 2018 and has gradually expanded its involvement. By moving to majority ownership, the drug distributor and healthcare services group aims to integrate OneOncology more closely into its oncology and specialty medicines offering, a segment characterised by complex therapies, high growth and relatively strong margins.

The acquisition also aligns with Cencora’s broader strategy to move further along the healthcare value chain, combining drug distribution with services that support providers directly. Analysts have described the move as a logical step, citing potential synergies in specialty pharmaceuticals and closer ties with oncology clinics.

Sources:
Cencora
OneOncology
Reuters
BioSpace
Axios

J.V.