McKesson weighs $5 billion Option Care buyout with CD&R

Healthcare giant McKesson and private equity firm Clayton Dubilier & Rice (CD&R) are in advanced discussions to acquire Option Care Health, according to a report by the Financial Times on Monday, October 5, 2026. The potential transaction would value the infusion services provider at more than $5 billion, including debt.

Under the proposed structure, CD&R would acquire a 51% controlling stake, while McKesson would hold the remaining 49%. The agreement would also include a provision granting McKesson the right to purchase CD&R's stake at a later date. People familiar with the matter noted that an agreement could be reached as soon as Tuesday, October 6, 2026, though negotiations remain ongoing and could still fall apart.

Shares of Option Care Health surged 22% in after-hours trading on Monday following the news. Prior to the spike, the stock had fallen 27% year-to-date, leaving the company with an enterprise value of approximately $4.6 billion, which includes $1.2 billion in debt.

Option Care Health is the largest independent provider of medical infusion services in the United States, delivering specialty treatments for conditions such as cancer, autoimmune diseases, and serious infections. The company served more than 315,000 patients nationwide last year through home services and 184 dedicated care centers.