Cencora said on 21 October 2026 that it had signed a definitive agreement to acquire American Oncology Network in a transaction valuing the community oncology group at an enterprise value of US$2.4bn.
Why Cencora, Inc. is buying American Oncology Network, Inc.
Cencora said the deal would expand its physician-led oncology management services organisation, add complementary capabilities and strengthen support for independent practices, while giving AON resources to expand services, technology and practice support. Clinical decisions will remain with AON's physicians.
“The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country”
Deal terms and financing
The US$2.4bn enterprise value comprises US$2.3bn at closing and contingent value rights of up to US$100m. Cencora already holds about 4% of AON; if certain AON stockholders roll over up to 25%, Cencora expects to pay about US$1.7bn to reach 75% ownership. Cencora expects the deal to be accretive to adjusted diluted earnings per share in the second year after closing.
Regulatory approvals and timing
Completion is subject to required regulatory clearances, AON stockholder approvals and other customary conditions.
Market context
AON, founded in 2018 and based in Fort Myers, Florida, has more than 350 providers practising across 21 states. Cencora completed its acquisition of a majority of OneOncology earlier in 2026, and rival distributors have also bought into community oncology networks.
