Cencora Acquisition to Expand Community-Based Cancer Care and Physician Support

American Oncology Network (AON), a physician-led network of more than 350 oncology providers across 21 US states, is set to receive additional resources for its cancer care services under a proposed acquisition by Cencora. The agreement is intended to support the network’s integrated services, technology, and practice support capabilities while allowing its physicians to retain responsibility for clinical decisions.

AON works with oncology practices to deliver cancer care in local communities. The proposed acquisition is expected to help the network continue adding practices and physicians and expand the services available to patients. Cencora said the arrangement would strengthen its support for independent oncology practices and extend its physician-led oncology management services.

Robert P. Mauch, Cencora’s president and chief executive officer, said, “The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country.”

Maintaining Physician-Led Care

The agreement provides for AON to receive additional resources to develop its integrated services and improve its technology and practice support. These changes are intended to support oncology practices and their patients while enabling the network to continue delivering cancer care in community settings.

Clinical decisions will remain with AON’s physicians following the acquisition. The agreement therefore retains physician responsibility for treatment decisions while providing the network with support to develop its services.

Todd Schonherz, AON’s chief executive officer, said the agreement would give physicians, clinicians and care teams more resources and time for patient care. He also described the transaction as a continuation of AON’s existing mission of providing accessible cancer treatment close to patients’ homes.

Stephen “Fred” Divers, M.D., AON’s chief medical officer, highlighted the importance of dependable access to advanced and innovative therapies for people diagnosed with cancer. He said the partnership would support AON’s efforts to deliver cancer care within patients’ own communities.

Acquisition Terms and Closing Conditions

Cencora currently holds approximately 4% of AON’s equity and has agreed to acquire the interests it does not already own. The transaction values AON at $2.4 billion, comprising $2.3 billion payable at closing and contingent value rights worth up to $100 million, subject to specified conditions.

Certain AON shareholders may retain up to a 25% equity stake through a rollover arrangement. If shareholders retain that portion, Cencora expects to pay approximately $1.7 billion to increase its ownership to 75%.

The transaction remains subject to customary closing conditions, including regulatory clearances and AON shareholder approvals. AON’s board approved the agreement following a unanimous recommendation from its special committee of independent and disinterested directors.

Cencora expects the acquisition to increase its adjusted diluted earnings per share in the second year after closing.

Community Oncology and Financial Outlook

The acquisition follows other transactions involving community oncology providers. In 2024, Cardinal Health agreed to acquire Integrated Oncology Network for $1.12 billion in cash. McKesson purchased a unit of Florida Cancer Specialists & Research Institute for $2.49 billion, while Cencora took majority control of OneOncology in a $5 billion deal in 2025.

Evercore ISI analyst Elizabeth Anderson said the AON transaction would diversify Cencora’s community oncology operations because AON focuses on smaller oncology providers, while OneOncology serves larger community oncology providers.

Separately, Cencora raised its annual adjusted earnings per share forecast to at least $17.90, near the upper end of its previous range of $17.75 to $17.95. Analysts expected annual earnings of $17.89 per share, according to LSEG data. Cencora is scheduled to report quarterly earnings on November 4.

How Cencora Plans to Support Independent Cancer Practices

Community oncology practices play an important role in delivering cancer treatment closer to patients’ homes. These practices often need reliable access to medicines, technology, administrative support, and specialized services. Cencora expects the acquisition to provide AON with additional resources to expand integrated services, strengthen technology capabilities, and support the continued growth of its physician network.