McKesson and private equity firm Clayton, Dubilier & Rice (CD&R) signed a definitive agreement to acquire Option Care Health, which describes itself as the country’s largest independent home and alternate site infusion provider.

CD&R would own approximately 51%, while McKesson would invest about $1.4 billion for a 49% interest. The agreement creates a pathway for McKesson eventually to acquire CD&R’s stake. Option Care would become privately held but remain a separately managed company. Closing is expected during the first half of 2027, pending shareholder and regulatory approvals.

The transaction would extend McKesson’s reach beyond pharmaceutical distribution and specialty drug services into the administration of complex therapies at home and in ambulatory infusion centers. Option Care serves patients nationwide and has more than 5,000 clinicians.

For hospitals, the deal signals further consolidation across specialty pharmaceutical sourcing, distribution, and patient care. As infusions migrate from hospitals to lower cost settings, health systems could face new competitive and partnership dynamics involving referrals, drug purchasing, payer relationships, and continuity of care. The ownership structure also warrants scrutiny because McKesson could ultimately gain full control of the infusion provider.