Cencora Purchases Remainder of OneOncology (~19x EBITDA)
- Will Hamilton
- Dec 16, 2025
- 2 min read
On December 15, 2025, Cencora, Inc. (NYSE: COR) announced a definitive agreement to acquire the majority of the outstanding equity interests it does not already own in OneOncology, a physician‑led national oncology platform that empowers independent cancer care practices, from private equity firm TPG and other shareholders. The purchase price was approximately $3.6 billion in cash plus retirement of ~$1.3 billion of existing corporate debt, implying total cash consideration of about $5.0 billion and an enterprise valuation of approximately $7.4 billion. The transaction, which is expected to close by the end of Cencora’s fiscal 2026 second quarter and remains subject to customary regulatory approvals, will see OneOncology’s affiliated practices and management retain a minority equity interest in the business.
Strategically, the acquisition strengthens Cencora’s footprint in specialty oncology services and community care delivery, enabling deeper integration of OneOncology’s physician‑centric network, which supports independent oncology practices with clinical, operational and technology resources. By increasing its ow
nership stake, Cencora seeks to enhance access to high‑quality cancer care and expand value‑based services that align with broader industry trends toward collaborative, data‑driven care delivery models in specialty medicine. The deal also underscores private capital and strategic acquirers’ interest in scaling management services organization (MSO)‑driven platforms that combine clinical practice support with technology and supply chain capabilities, positioning the combined entity to leverage cross‑selling opportunities, strengthen relationships with pharmaceutical innovators, and improve patient outcomes across oncology care channels.
Medical Specialists EBITDA Multiples
In terms of deal structure, Cencora exercised their previously negotiated call option to purchase the remainder of the interests in OneOncology (65%) in a transaction that values the OneOncology enterprise at $7.4 billion. Previously, Cencora had purchased a 35% interest with the option to purchase the reminder at a multiple of 19x EBITDA (implying EBITDA of ~$389 million).
Healthcare Professional Services M&A Deal Volume
The number of announced U.S. professional services deals (licensed healthcare provider groups like physicians, dentists, and physical therapists) declined again in 2025. Volume averaged 25 per quarter in 2025, down from 270 per quarter in 2024, 295 per quarter in 2023, and 298 in 2022. Generally, continued growth in the dentistry and medspa / aesthetics segments have offset modest declines across most of the remaining segments, including significant declines among physician practices.
Other Professional Services Deals
Read Scope Research's take on other healthcare professional services transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 434 dentistry, physical therapy, and physician practice deals, segmented by specialty, including 290 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.