Irving-based McKesson Corp. has agreed to buy a controlling stake in a unit of privately held clinic operator Florida Cancer Specialist & Research Institute Inc.
Pharmaceutical distributor McKesson will acquire Community Oncology Revitalization Enterprise Ventures LLC, also known as Core Ventures, for about $2.49 billion in cash, giving it about 70% ownership, according to a statement on Monday. Core Ventures, a business and management services organization, was formed by Florida Cancer Specialists, whose physicians will hold a minority stake in the subsidiary.
The news confirms an earlier Bloomberg report that McKesson is in talks to buy a stake in Florida Cancer Specialists.
Related: McKesson becomes D-FW's largest publicly traded company
Business Briefing
McKesson and its competitors are expanding their oncology and related services offerings, in part to better distribute specialty drugs. Sencora Corp. and Cardinal Health Inc. have also expressed interest in buying Florida Cancer Specialists, Bloomberg News previously reported.
McKesson's shares have risen 19% this year, giving it a market capitalization of about $71.6 billion.
Florida Cancer Specialists was founded about 40 years ago and has more than 250 physicians, 280 nurse practitioners and physician assistants and about 100 network locations, according to its website.
The Fort Myers, Fla.-based company describes itself as a leader in “value-based oncology care,” in which health care providers cover some or all of a patient's treatment costs in exchange for a lump sum payment from the government or other health care payers.
Value-based care aims to reduce costs by incentivizing health care providers to treat patients efficiently, in contrast to the typical U.S. model in which health care providers are paid per test or consultation.
– Michelle F. Davis and Dinesh Nair of Bloomberg
Why extreme heat is dangerous for pregnant women and how to protect yourself
Recent studies suggest that heatwaves are likely contributing to an increase in preterm births, especially among socio-economically disadvantaged groups. Here's what you need to know about how heat can affect your pregnancy.
How to protect yourself from the summer heat while pregnant
Heat can take a toll on our bodies, but pregnant women are even more vulnerable to excessive heat. Here's how you can protect your health and the health of your baby during the hottest days of summer.
It's not just the IUD: Gynecologists and patients are focused on reducing procedural pain
Federal regulators declared this month that the pain experienced during insertion of an IUD may be more than the “pinch of pain” doctors promise. New guidelines from the Centers for Disease Control and Prevention say the local anesthetic lidocaine “may help reduce pain” during IUD insertion and also encourage doctors to discuss pain management with their patients.
