McKesson and Clayton Dubilier & Rice are nearing an agreement to acquire Option Care Health, the largest independent provider of infusion services in the US, in a transaction that would value the healthcare company at more than $5bn including debt, according to a report by the Financial Times.
Option Care is in advanced discussions over a joint offer from the pharmaceutical distributor and private equity firm, according to people familiar with the matter. An agreement could be reached imminently, although the talks remain subject to change or collapse.
Option Care provided specialist infusion treatments to more than 315,000 patients last year, treating conditions including cancer, autoimmune diseases and serious infections. Its services are delivered both in patients’ homes and through a network of 184 care centres.
The potential take-private comes amid growing private equity interest in healthcare services businesses that have seen their valuations come under pressure. Option Care’s shares had fallen about 27% this year before news of the deal emerged, giving the company an enterprise value of roughly $4.7bn, including around $1.2bn of debt.
Shares jumped about 22% in after-hours trading following reports that a transaction was close.
Under the proposed structure, CD&R would acquire a 51% interest in Option Care through a joint venture with McKesson, which would hold the remaining 49%. McKesson would also have an option to acquire CD&R’s stake at a later stage, according to people familiar with the discussions.
The transaction would combine CD&R’s healthcare and carve-out expertise with McKesson’s position as one of the world’s largest pharmaceutical distributors.
The potential acquisition would also build on McKesson’s recent expansion into higher-growth healthcare services. Last month, the company agreed to acquire Precision Medicine Group, a privately held provider of clinical research and commercialisation services to pharmaceutical companies, for approximately $2.2bn.
McKesson generated around $403bn in revenue over the past year and has a market capitalisation of roughly $107bn. Its shares have gained about 11.5% since the start of 2026.
