What happened
McKesson Corporation (NYSE: MCK) said on October 6, 2026, it signed a definitive agreement with Clayton, Dubilier Rice, LLC and Option Care Health, Inc. CD R will hold about 51% of Option Care Health and McKesson will invest about $1.4 billion for a minority interest of about 49%. The deal values Option Care Health at about $5.8 billion and assigns a premium of about 37% to its October 5, 2026 closing share price.
Option Care Health is an independent provider of home and alternate site infusion services. It will remain a separate company led by its own management team. The agreement also sets a framework for McKesson's future acquisition of CD R's interest, subject to specified conditions and regulatory approvals. After closing, McKesson plans to use equity method accounting and record its share of Option Care Health's net income or loss in Other Income, net.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Price per share | $32.05 per share | Joint news release | |
| Enterprise value | approximately $5.8 billion | Joint news release | |
| McKesson investment | approximately $1.4 billion | Joint news release | |
| CD R majority interest | approximately 51% | Joint news release | |
| McKesson minority interest | approximately 49% | Joint news release | |
| Premium to October 5, 2026 close | approximately 37% | Joint news release |
Why it matters
OptimistFi's case is that McKesson's scale in North American drug distribution and specialty oncology services will keep converting healthcare volume into rising profit and cash despite very thin wholesale margins. This agreement strengthens that view by extending McKesson into home and alternate site infusion services. The filing says the company wants to improve access and advance care in lower-cost community settings, at or closer to home.
OptimistFi calculates that McKesson's about $1.4 billion commitment equals about 24.1% of the transaction's approximately $5.8 billion enterprise value. That is a large check for a minority interest. The 37% premium may help win support, but the deal remains subject to approvals. McKesson says it may not achieve the expected benefits, and the transaction may be delayed or may not be completed.
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What's next
The next dated milestone is Option Care Health's third quarter 2026 results on November 4, 2026. The transaction is expected to close in the first half of calendar year 2027, subject to Option Care Health stockholder approval and required regulatory approvals. If those approvals land on time, Option Care Health's common stock will no longer be publicly listed on Nasdaq. If they do not, the deal may be delayed or may not be completed.
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Sources
- Joint news release — McKesson, CD R and Option Care Health announced the definitive agreement and deal terms.
- McKesson Form 8-K — McKesson filed the Regulation FD disclosure on October 6, 2026.
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
