Drug distributor McKesson and private equity firm Clayton Dubilier & Rice agreed to take Option Care Health private in a $5.8 billion transaction announced Tuesday. The deal removes the largest home infusion therapy provider in the United States from public markets and represents one of the larger healthcare services buyouts completed this year.
Option Care operates over 100 infusion sites across the country, delivering intravenous medications and clinical services directly to patient homes. The company reported $4.7 billion in revenue for the trailing twelve months and handles treatments ranging from oncology to immunoglobulin therapy. McKesson already distributes pharmaceuticals to Option Care's network. CD&R brings $60 billion in assets under management and a track record in healthcare services roll-ups, including its earlier backing of Envision Healthcare.
The joint-sponsor structure matters. McKesson rarely co-invests with private equity on buyouts of this scale, preferring to acquire distribution and logistics assets outright. The pairing suggests McKesson wants exposure to the home infusion economics without carrying the full capital burden, while CD&R gains an operating partner with existing commercial relationships and pharmaceutical supply agreements already in place. Home infusion reimbursement rates from Medicare Advantage plans have improved 18-22% over the past three years, making the asset more attractive than when Option Care traded at $28 per share in early 2023. The buyout price implies a premium of roughly 34% to the 30-day volume-weighted average.
The move accelerates a broader shift in care delivery. Hospital systems are shedding outpatient infusion capacity to cut real estate costs, pushing treatments into home settings where margin structures favor specialized operators. Option Care's pharmacy licenses and nurse staffing network create regulatory moats that take years to replicate. McKesson likely views this as a hedge against declining hospital utilization and a way to capture downstream margin as drug distribution alone faces pricing pressure from group purchasing organizations. CD&R, meanwhile, can layer in bolt-on acquisitions of regional infusion providers and potentially take the combined entity public again in four to six years at a higher multiple.
Allocators should watch for follow-on deals in the $300 million to $1.2 billion range targeting smaller infusion networks, likely within the next eight to twelve months. McKesson's willingness to partner on platform assets may signal similar structures in specialty pharmacy or oncology services by Q2 2025. The financing terms and debt-to-EBITDA ratio, expected to be disclosed in the proxy filing within 30 days, will clarify how much acquisition capacity remains in the healthcare services buyout market.
Option Care's 22% EBITDA margins sit well above the 12-15% range for traditional home health providers, which explains the price.
The takeaway
McKesson and CD&R's $5.8 billion Option Care buyout signals home infusion's reimbursement improvement and sets the template for joint-sponsor healthcare services deals.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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