Cencora to acquire American Oncology Network for $2.4 billion

Cencora, Inc. has signed a definitive agreement to acquire the American Oncology Network (AON) in a transaction with an enterprise value of $2.4 billion. The deal includes $2.3 billion at closing and contingent value rights (CVRs) worth up to $100 million, depending on specific conditions.

The acquisition aims to expand Cencora’s physician-led oncology managed-services organization (MSO) platform, adding presence across 12 additional states. AON currently consists of more than 350 oncology providers operating across 21 states. Under the terms of the agreement, AON physicians will retain authority over clinical decisions.

Cencora expects the acquisition to be accretive to adjusted diluted earnings per share in its second year following the close. The completion of the transaction is subject to regulatory clearances, AON stockholder approval, and other customary closing conditions.