US-based healthcare company McKesson has agreed to acquire a controlling stake in Community Oncology Revitalisation Enterprise Ventures (Core Ventures) for $2.49bn.
Core Ventures is a business and administrative services organisation founded by the Florida Cancer Specialists & Research Institute (FCS).
FCS is a physician-owned community oncology practice with more than 250 physicians and 280 advanced practice providers, across nearly 100 locations in Florida.
Under the terms of the agreement, McKesson will purchase a controlling interest in Core Ventures, representing around 70% ownership, for up to $2.49bn in cash.
The community oncology practice will continue to retain a minority interest in Core Ventures.
Closing of the transaction is subject to certain customary closing conditions, including necessary regulatory approvals.
Upon closing, Core Ventures will operate as a part of McKesson’s US Oncology Network (The Network), and financial results will be reported within its US Pharmaceutical segment.
McKesson CEO Brian Tyler said: “This milestone marks an important step forward in our efforts to advance community-based oncology care.
“By growing our Oncology platform, we will bring advanced treatments and improved care experiences to patients, while also reducing the overall cost of care.
“FCS and Core Ventures’ expertise and patient-first approach align with our commitment to accelerating clinical development, improving patient outcomes, and expanding access to quality cancer care in the community.
“We are also pleased to welcome Florida Cancer Specialists & Research Institute to The US Oncology Network, reinforcing our dedication to empowering community-based providers to independently thrive in today’s rapidly evolving healthcare landscape.”
FCS has been providing cancer care for more than 40 years, with its services grown to include clinical trials, diagnostic imaging, medical oncology, and chemotherapy infusion, among others.
The practice also offered integrative therapy, molecular and pathology lab services, radiation oncology, next-generation sequencing, medically integrated dispensing, and data services.
Currently, FCS conducts clinical trials through Sarah Cannon Research Institute (SCRI), one of the top oncology research organisations conducting community-based clinical trials.
McKesson said that The Network will provide FCS with access to its differentiated Oncology platform, including advanced oncology care products and services.
FCS president and managing physician Lucio Gordan said: “Above all else, our patients are the true beneficiaries of this transaction, as we seek to drive meaningful outcomes and deliver sustained value with every interaction.”
FCS CEO Nathan Walcker said: “This is a historic moment for FCS and reflects the evolution of our practice and the forward-thinking of physician leadership, our board, and the entire organisation at large.
“The US Oncology Network and FCS share a mission and we both aim to strengthen patient-centred cancer care in the community to improve outcomes.”
