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AmerisourceBergen, TPG to acquire OneOncology from General Atlantic

The investment further strengthens AmerisourceBergen’s solutions in specialty.

Amerisource Bergen and TPG, a global alternative asset management firm, are set to acquire OneOncology, a network of leading oncology practices, from General Atlantic, a leading global growth equity firm.

TPG has agreed to acquire a majority interest in OneOncology, and AmerisourceBergen will acquire a minority interest in the company.

OneOncology’s affiliated practices, physicians and management team also will retain a minority interest in the company. The transaction values OneOncology at $2.1 billion.

“OneOncology has been focused on strengthening independent oncology practices by helping them grow and deliver high-value cancer services, and General Atlantic’s involvement and investment have been central to our success,” said Jeff Patton, CEO of OneOncology. “As we look ahead, we are excited to continue building the platform in partnership with TPG, a proven investor in the healthcare provider space, and AmerisourceBergen, a healthcare leader with significant capabilities and solutions for community oncology practices.”

[Read more: AmerisourceBergen changes name to Cencora]

“OneOncology’s physician leadership and partnership model provide access to the latest clinical pathways, research and technology to deliver personalized care with market-leading patient outcomes and experiences. The company is enabling high-quality and efficient cancer care by empowering leading practices and physicians to remain independent while providing benefits of scale that create value for the entire healthcare ecosystem,” said Kendall Garrison, partner at TPG.

“We believe that lower cost, higher quality models represent the future of care delivery, and we are proud to partner with Dr. Patton and the OneOncology team as well as AmerisourceBergen to invest behind accessible, best-in-class clinical care,” said John Schilling, partner at TPG.

“The investment in OneOncology will allow AmerisourceBergen to further deepen our relationships with community oncologists and expand on our solutions in specialty,” said Steven Collis, chairman, president and CEO of AmerisourceBergen.

Collis added, “As a platform built by and for community oncologists, OneOncology understands the operational complexities oncologists face and works to simplify the provider experience to drive improved patient outcomes. We are excited to work closely with OneOncology’s team and our partners at TPG, who have deep experience and a track record of success in supporting high-quality healthcare companies. Our complementary skill sets and focus on operational excellence and innovation uniquely position us to continue to partner and support OneOncology’s network. We look forward to discussing the transaction in greater detail on our earnings call on May 2, when we will also discuss the continued strength of our business.”

[Read more: AmerisourceBergen partners with Chronicled to enhance charge-back accuracy]

“Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues,” said Justin Sunshine, managing director at General Atlantic. “We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth.”

The transaction is expected to close by the end of September 2023.


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