In December, Conshohocken, Pa.-based pharmaceutical services company Cencora said it plans to acquire the majority of the outstanding equity interests it does not already own in OneOncology from TPG for about $3.6 billion, with OneOncology’s affiliated practices and management retaining a minority stake.
The move is another signal that scale, infrastructure and specialty drug capabilities are becoming core competitive advantages in physician platforms, especially as oncology pushes more complex therapies into community settings.
Here are six things to know:
1. The deal underscores how quickly valuations can reset upward when a platform proves it can scale.
Cencora took a 35% stake in OneOncology in April 2023, when it joined TPG to acquire the platform from General Atlantic in a deal valued at $2.1 billion. An article published Feb. 6 in The American Journal of Managed Care said that by the time Cencora moved to speed up plans to buy the remaining interests in December, OneOncology was valued at $7.4 billion, with an equity value of $6 billion.
2. OneOncology’s value proposition is the platform layer behind independent practices.
OneOncology is a physician-led platform supporting independent community oncology practices with shared infrastructure, data/analytics and operational services. The network includes about 1,750 providers across more than 565 care locations nationwide.
3. This move is a play for independence through centralization, but built for value-based care and margin pressure.
According to the AJMC article, OneOncology grew alongside the shift toward value-based care by centralizing capabilities practices struggle to build alone, such as technology, data analytics, group purchasing and certain back-office functions, while allowing clinics to remain independent.
4. Florida has become a high-stakes test case
OneOncology’s network includes 36 practice partners spanning oncology and urology clinics, as well as SunState Medical Specialists, previously Genesis USA of Florida, which provides urology, oncology and surgery. According to AJMC, OneOncology rebranded the Florida clinics with 105 physicians and is guiding a financial turnaround after previous owners declared bankruptcy, and that it also affiliated with Cancer Specialists of North Florida, a 10-location group in the Jacksonville–St. Augustine region.
5. The strategy is moving toward a one-stop community cancer model
CEO James Patton, MD, told AJMC that OneOncology is emphasizing stronger coordination across medical, radiation and surgical oncology, reflecting how advances in neoadjuvant and perioperative treatments are increasing the need for cross-specialty collaboration. Dr. Patton described the goal as coordinating more services“under one roof to streamline care and improve the patient experience.
6. Cencora’s role points to where the market is headed
Dr. Patton told AJMC that Cencora is a crucial partner as oncology pushes more complex treatments, such as bispecific antibodies, into community sites, and he pointed to future complexity including CAR T-cell therapy and radioligands. OneOncology is also investing in patient and caregiver technology, including NavigatingCare, to improve messaging and scheduling. These capabilities can matter as platforms try to deliver advanced therapies in settings closer to where patients live.
