Cencora Strikes $5 Billion OneOncology Deal, Pauses Stock Buyback

Cencora, Inc. (NYSE:COR) on Monday agreed to acquire the majority stake it does not own in OneOncology from TPG and other shareholders for.

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The consideration includes approximately $3.6 billion and retires its existing corporate debt of $1.3 billion, for a total consideration of approximately $5.0 billion.

OneOncology’s affiliated practices and management will retain a minority interest in OneOncology.

The transaction values the OneOncology enterprise at $7.4 billion, with an equity value of approximately $6 billion.

OneOncology Investment

Cencora had an initial investment in OneOncology, a platform to enable community medical practices to remain independent and to improve patient access to care in their communities, all at a lower cost than in the hospital setting.

The transaction is expected to close by the end of Cencora’s fiscal 2026 second quarter.

Cencora plans to fund the transaction through new debt financing, and fiscal 2026 guidance does not currently include the impact of the OneOncology acquisition.

Cencora expects the acquisition to be approximately neutral, net of financing costs, to Cencora’s adjusted diluted EPS in the first twelve months following close.

In 2024, Cencora acquired Retina Consultants of America, a management services organization (MSO) of retina specialists, from Webster Equity Partners for $4.6 billion.

Fiscal 2026 Guidance Expectations

To reflect Cencora’s expectations for continued growth and execution, the company is reiterating its fiscal 2026 consolidated guidance.

For 2026, the company expects sales growth of 5%-7% from 2025 sales of $321.3 billion.

In anticipation of the acquisition of OneOncology, the company said it is pausing share repurchases, and therefore, it is more likely that the company’s full-year adjusted diluted EPS will be towards the lower half of its guidance range of $17.45 to $17.75.

Long-Term Guidance Expectations

Cencora is raising its long-term guidance for adjusted operating income and adjusted diluted EPS to reflect the expected long-term contribution from adding OneOncology to Cencora’s U.S. Healthcare Solutions segment.

The company expects adjusted operating income growth of 7% to 10% from 6% to 9%, and adjusted earnings per share growth of 10% to 14% from 9% to 13%.

COR Price Action: Cencora shares were up 0.05% at $346.16 during premarket trading on Friday, according to Benzinga Pro data.

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