Cencora Finalizes Agreement to Acquire TPG's Equity Interest in OneOncology

NASHVILLE, Tenn., Dec. 15, 2025 /PRNewswire/ -- Cencora, Inc. today announced it has entered into a definitive agreement to acquire TPG's equity interest in OneOncology, a physician-led national platform empowering independent medical specialty practices rooted in oncology. The transaction marks an important step for OneOncology and its practice partners, following significant physician-led investment and growth for the platform.

"We are pleased to advance our longstanding partnership with Cencora, who shares our commitment to supporting independent providers," said Jeff Patton, M.D., Chief Executive Officer of OneOncology. "We are grateful for TPG's support and partnership, which has enabled us to expand our capabilities as we seek to increase access to higher-quality care for more patients nationwide. As cancer care becomes increasingly complex, leveraging the significant expertise of Cencora across the healthcare landscape while still maintaining our independence will allow us to enhance the value we provide to practices, improving physicians' ability to focus on delivering accessible and innovative care to their patients." 

Cencora's expanded investment underscores a shared commitment to advancing specialty care and supporting independent physician practices. Together, they will seek to accelerate OneOncology's ability to deliver significant value to physicians and their patients through growth investment, clinical innovation, shared services, and expanded technology capabilities.

Bob Mauch, President & CEO of Cencora said: "We are excited to accelerate our acquisition of OneOncology, which will advance our management services organization and aligns with our approach of making growth-oriented investments that support our pharmaceutical-centric strategy. Since our initial investment in OneOncology, the platform has grown substantially as its physician-led approach continues to attract leading practices and physicians, supporting patient access to high-quality care in local communities. With our recent acquisition of RCA, we look forward to building on both platforms' research and clinical trial capabilities, advanced technology resources and strong physician leadership to drive unique value to our stakeholders."

"We are proud to have partnered with OneOncology to support the leading platform advancing cancer care and improving patient outcomes and experiences every day," said Kendall Garrison, Partner at TPG. "Since 2023, OneOncology has expanded its footprint, integrated leading, patient-focused practices into its national network, and accelerated initiatives to invest behind best-in-class, accessible care. We have been privileged to partner with Dr. Patton and the management team and are confident in the business' success with Cencora's continued support," added John Schilling, Co-Managing Partner of TPG Capital.

About OneOncology  

OneOncology was founded by community physicians, for community physicians, with the mission of improving the lives of everyone living with cancer and other diseases. Our goal is to enable community medical practices to remain independent and to improve patient access to care in their communities, all at a lower cost than in the hospital setting. OneOncology supports our platform of community medical practices through group purchasing, operational optimization, practice growth, and clinical innovation. Our 36 partner practices comprise approximately 2,300+ providers who care for approximately 1.5 million patients across 645+ sites of care nationwide. To learn more, visit oneoncology.com or LinkedIn.  

About Cencora 

Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our 51,000+ worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #18 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

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SOURCE OneOncology, LLC.