McKesson to buy controlling stake in Florida Cancer Specialists’ unit for about $2.5 billion

Drug distributor McKesson recently said that it would buy a controlling stake in community cancer centre Florida Cancer Specialists & Research Institute’s (FCS) business and administrative services unit for $2.49 billion in cash.

McKesson would own roughly a 70 per cent stake in the unit, Core Ventures, which manages non-clinical administrative functions such as providing operational and advisory support services to FCS clinics across Florida.

The drug wholesaler has been looking to diversify its specialty services through which it distributes branded, specialty and generic drugs and provide physician management services.

Bloomberg News had reported last month that McKesson and rival drug distributors Cencora  and Cardinal Health, were vying to buy FCS.

Shares of Cencora fell 1.4 per cent to $234.52 in early trading.

Community-based oncology represents a “continued strategic focus and investment area” for distributors, Evercore ISI analyst Elizabeth Anderson had written in a note ahead of the announcement of the transaction.