McKesson Sells 13% Stake in Medical-Surgical Business to Apollo Funds for $1.25B

The transaction allows McKesson to retain majority control of MMS, while preparing a future IPO.

April 20, 2026

Key Highlights

McKesson will sell a 13% stake in MMS to Apollo Funds for $1.25 billion, valuing the unit at approximately $13 billion.
The company plans to separate MMS through a future IPO, retaining majority ownership and control post-transaction.
This strategic move aligns with McKesson's focus on core pharmaceutical distribution and highlights growth in the non-acute care supply chain market.

McKesson announced plans to sell a 13% minority stake in its Medical-Surgical Solutions (MMS) business to Apollo Funds for $1.25 billion, valuing the unit at approximately $13 billion. The transaction is part of McKesson’s broader strategy to separate the business through a future IPO.

MMS provides medical products, equipment, and supply chain services to physician offices, ambulatory surgery centers, and other non-acute care settings. McKesson said it will retain majority ownership and continue to control the business following the close of the deal.

The move aligns with McKesson’s ongoing efforts to streamline its portfolio and focus more sharply on its core pharmaceutical distribution operations. It also highlights sustained investor interest in healthcare distribution and the growing non-acute care supply chain market.