Conshohocken, Pa.-based Cencora has completed three major physician deals since January 2025, totaling more than $10 billion. The moves reflect a broader pivot as the pharmaceutical services company refocuses on higher-margin, specialty-driven segments while shedding non-core operations.
The most recent deal is a definitive agreement to acquire the retina business of Atlanta-based EyeSouth Partners for $1.1 billion. Upon closing, retina physicians affiliated with EyeSouth will join Cencora’s managed services organization, Retina Consultants of America. Cencora expects the transaction to close after its fiscal year ends on Sept. 30 and to be slightly accretive to adjusted diluted EPS within the first 12 months.
In December, Cencora announced plans to acquire the majority of outstanding equity interests it does not currently own in OneOncology, an independent physician practice platform, for $5 billion in cash. OneOncology supports independent community oncology practices through shared infrastructure, data analytics, operational support, and growth resources. Its network spans approximately 1,750 providers across more than 565 care locations nationwide.
The foundation of Cencora’s physician strategy started in January 2025, when it acquired Retina Consultants of America for $4.4 billion. According to National Planning Cycles, analysts say the unit has performed well, driven by strong patient volumes and contributions from biosimilars approved in 2024 to treat diabetic retinopathy and certain forms of macular degeneration. More broadly, retina and cataract-focused practices have continued to attract investor interest due to strong margins tied to vitreous drug therapies, according to VMG Health.
Ophthalmology has undergone significant consolidation over the past five years, largely driven by private equity. According to VMG Health, acquirers have increasingly prioritized high-quality practices within existing markets to build geographic density, while also emphasizing cultural alignment to smooth integration into larger platforms. Investors have grown more selective, resulting in fewer but higher-quality deals compared with the early 2020s. A comparable transaction is McKesson’s acquisition of Prism Vision Holdings in early 2025 for $850 million.
Cencora’s activity is part of a wider shift in which pharmaceutical-focused companies are entering the physician practice space to build vertically integrated care platforms. Unlike traditional private equity, which typically prioritizes short-term returns, these new entrants are seeking long-term strategic fit which may make them more resilient to regulatory pressures and economic headwinds.
Cardinal Health offers another example of this trend. The Dublin, Ohio-based company, long known for pharmaceutical and medical product distribution, acquired a majority stake in GI Alliance for $2.8 billion in 2024, joining a growing wave of buyers that includes insurers, pharma companies and medical equipment distributors.
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