Conshohocken, Pa.-based Cencora has signed a definitive agreement to acquire Fort Myers, Fla.-based American Oncology Network, a physician-led network of more than 350 oncology providers across 21 states, according to an Oct. 21 news release.
The deal values AON at an enterprise value of $2.4 billion. That includes $2.3 billion at closing and up to $100 million in contingent value rights. Cencora has invested in AON since 2020 and owns about 4% of its equity. It will acquire the rest. Certain AON stockholders may roll over up to 25% of their equity. If they do, Cencora expects to pay about $1.7 billion to raise its stake to 75%. AON will join Cencora’s MSO platform and add 12 states to its footprint. Clinical decisions will stay with AON’s physicians. Cencora expects the deal to add to adjusted diluted EPS in the second year after closing.
This is Cencora’s fourth physician platform deal since January 2025, when it acquired Retina Consultants of America for $4.4 billion. In December, the company announced plans to acquire most of the equity it did not already own in OneOncology, which supports about 1,750 providers across more than 565 care locations. In March, it agreed to acquire the retina business of Atlanta-based EyeSouth Partners for $1.1 billion. Other drug distributors are also moving into physician practices. Cardinal Health acquired a majority stake in GI Alliance for $2.8 billion in 2024.
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