Drug distributor McKesson and private equity firm Clayton Dubilier & Rice announced Tuesday, October 6, 2026, that they have agreed to take Option Care Health private in a McKesson Option Care Health deal valued at about $5.8 billion, including debt. The $32.05-per-share cash offer represents a 37.1% premium to Option Care’s closing price on October 5 — and investors piled in, sending the stock up roughly 33% on the news.
The transaction is one of the largest healthcare take-privates of the year and marks an unusual joint bid: a Fortune 10 pharmaceutical distributor teaming directly with a private equity giant to pull the country’s largest independent home-infusion company off the public market.
McKesson Option Care Health deal: price and premium
According to the announcement, CD&R and McKesson will pay $32.05 per share in cash for all outstanding shares of Option Care Health (NASDAQ: OPCH), for an enterprise value of approximately $5.8 billion, Reuters reported. The offer price was a 37.1% premium to the stock’s last close, and Option Care shares jumped about 33% to $31.03 when trading opened after the announcement — a typical deal spread that reflects the usual closing risks around regulatory and shareholder approval.
It is the latest big-ticket move for McKesson as it expands beyond drug distribution into healthcare services, and another private equity buyout of a home health services provider following Enhabit. The deal also lands in a busy year for large-scale M&A, even as global deal volumes topped $993 billion in the third quarter.
Inside the unusual McKesson Option Care Health deal structure
The ownership split is what makes this deal stand out. CD&R will take an approximately 51% majority stake, while McKesson will invest about $1.4 billion for a 49% minority interest. The agreement includes a framework allowing McKesson to acquire CD&R’s stake at a later point, subject to specified conditions and regulatory approval — effectively a path to full ownership.
After the transaction closes, Option Care Health will be delisted from Nasdaq and taken private. It will continue to operate as a separate company under its existing management team, according to the announcement. The McKesson press release and the companies’ SEC filings also noted that McKesson plans to account for its minority interest using the equity method.
What Option Care Health does
Option Care Health is the largest independent U.S. provider of home and alternate-site infusion services. Its scale is substantial:
- More than 100 infusion pharmacies across the country.
- Approximately 8,000 employees, including more than 5,000 clinicians.
- Roughly 90,000 patients served each month, in all 50 states.
- Trailing twelve-month revenue of about $4.7 billion.
The company delivers complex infusion therapies — such as immunoglobulin treatments, antivirals, and total parenteral nutrition — in patients’ homes and ambulatory facilities rather than in hospitals or other traditional institutional settings. It was acquired by Walgreens in 2007, spun out of Walgreens in 2015, and merged with BioScrip in 2019, after which it became a standalone public company.
Why McKesson is buying into home infusion
For McKesson, the McKesson Option Care Health deal expands its specialty-care footprint at the intersection of drug distribution and direct patient care. McKesson already knew the company well: it held a 19.9% stake dating to its 2023 purchase of Option Care’s pharmacy benefit manager business. The deal also extends McKesson’s U.S. footprint in home infusion services, where it currently operates Inviva, a leading infusion network in Canada.
The strategic logic is the site-of-care shift: as the population ages, more patients are choosing to receive treatment outside higher-cost hospital settings. J.P. Morgan analyst Lisa Gill said McKesson’s focus on specialty and the community setting makes the deal appealing, allowing it to leverage supply chain efficiencies in complex chronic drugs. Leerink Partners analyst Michael Cherny said the transaction aligns McKesson with the shift away from hospital and provider settings.
“This investment represents an important opportunity that aligns with McKesson’s long-term strategy to expand access and affordability to innovative therapies across the care continuum,” said McKesson chair and chief executive Brian Tyler in the announcement.
What happens next
The deal is expected to close in the first half of 2027, subject to Option Care Health shareholder approval and regulatory clearance. Alongside the announcement, Option Care withdrew its previously issued guidance; its third-quarter results are scheduled for November 4, with no conference call planned — standard practice for a company in the process of being acquired.
Several investor-rights law firms have said they are reviewing whether the $32.05 price fairly values the company, a routine development in large take-privates that does not necessarily indicate wrongdoing. Like other recent mega-deals — including Schneider Electric’s $22.6 billion bid for PTC — the transaction now faces the long regulatory review process before it can close.
Frequently asked questions
How much are McKesson and CD&R paying for Option Care Health?
$32.05 per share in cash, for an enterprise value of approximately $5.8 billion including debt — a 37.1% premium to Option Care’s closing price on October 5, 2026.
Who will own Option Care Health after the deal?
CD&R will hold about 51%, and McKesson will invest roughly $1.4 billion for a 49% minority stake. McKesson has a framework to acquire CD&R’s stake later, subject to conditions and regulatory approval.
Will Option Care Health stay listed on Nasdaq?
No. Once the deal closes, the company will go private and its stock will be delisted from Nasdaq. It will remain a separate company led by its existing management team.
When is the deal expected to close?
The companies expect closing in the first half of 2027, subject to shareholder approval and regulatory clearance.
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