Cencora, Inc.
Acquisitions
5
Major Deals Covered
$17.7B
Disclosed Deal Value
Cencora's largest disclosed acquisition here is Alliance Healthcare for $6.5B in 2021. This page covers 5 major deals from 2012 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| World Courier | 2012 | $520.0M | Add global specialty transportation and clinical-trial logistics. |
| MWI Veterinary Supply | 2015 | $2.5B | Enter animal health distribution. |
| Alliance Healthcare | 2021 | $6.5B | Expand international pharmaceutical wholesale. |
| Retina Consultants of America | 2025 | $4.6B | Acquire about 85% of a retina-specialist management services organization. |
| OneOncology | 2026 | $3.6B | Acquire the majority of OneOncology it did not already own from TPG and other holders. |
2026
$3.6B
Acquire the majority of OneOncology it did not already own from TPG and other holders.
Added a national community oncology practice platform to Cencora's specialty business.
Closed in February 2026, it contributed to 17% adjusted operating income growth in the June 2026 quarter.
2025
$4.6B
Acquire about 85% of a retina-specialist management services organization.
Gave Cencora a physician-services platform in ophthalmology.
Cencora repaid the $800 million RCA-related term loan by July 2026.
2021
$6.5B
Expand international pharmaceutical wholesale.
Made Cencora a major European drug wholesaler.
Alliance Healthcare is the largest part of International Healthcare Solutions.
2015
$2.5B
Enter animal health distribution.
Added a U.S. and U.K. veterinary distribution business.
In February 2026 Cencora agreed to merge MWI with Covetrus at a $3.5 billion valuation, keeping a minority stake.
2012
$520M
Add global specialty transportation and clinical-trial logistics.
Expanded Cencora into temperature-critical biopharma logistics.
World Courier remains a core part of the International Healthcare Solutions segment.
Cencora calls its strategy pharmaceutical-centric. Since 2024 it has redeployed capital toward specialty care: it bought about 85% of Retina Consultants of America for roughly $4.6 billion (closed January 2025) and agreed in December 2025 to buy the majority of OneOncology it did not already own from TPG and others for about $3.6 billion (closed February 2026). In February 2026 it agreed to merge MWI Animal Health into Covetrus, keeping a minority stake, which narrows its focus on human pharmaceuticals. International growth comes through Alliance Healthcare in Europe, Innomar in Canada and World Courier specialty logistics.
Cencora makes money on volume and services rather than markups alone. It buys medicines from manufacturers, holds them in a national network of distribution centers and delivers them, often overnight, to pharmacies, hospitals, clinics and physician offices. Revenue is enormous because the full drug price passes through its books, but adjusted gross margin is only around 4% (4.16% in the June 2026 quarter). Profit comes from distribution service fees paid by manufacturers, generic-drug sourcing, specialty distribution of oncology and other biologics, and services such as World Courier clinical-trial logistics, commercialization and market-access consulting, and management services organizations (MSOs) for retina and oncology practices.
In June 2021, AmerisourceBergen acquired the majority of Walgreens Boots Alliance's Alliance Healthcare wholesale distribution businesses for $6.5 billion ($6.275B cash and 2 million shares of common stock), instantly making it one of the largest pharmaceutical wholesalers in Europe.
In May 2012, AmerisourceBergen acquired specialty clinical logistics provider World Courier for $520 million in cash, establishing the company as the global market leader in temperature-controlled biopharmaceutical clinical trial logistics.
In February 2015, AmerisourceBergen acquired MWI Veterinary Supply for $2.5 billion in cash, diversifying into animal health by becoming the leading distributor of veterinary pharmaceuticals and surgical products in the US and UK.
In January 2018, AmerisourceBergen acquired H. D. Smith, the largest privately held pharmaceutical wholesaler in the United States, for $815 million in cash, significantly strengthening its distribution coverage of independent community pharmacies.
In January 2023, AmerisourceBergen completed the acquisition of Germany-based PharmaLex Holding GmbH for ~$1.45 billion (1.28 billion euros) in cash, expanding its global biopharma services in regulatory affairs, clinical development consulting, and pharmacovigilance across Europe and the US.
Cencora completed its roughly $4.6 billion acquisition of about 85% of Retina Consultants of America in January 2025. In February 2026 it closed the purchase of the majority of OneOncology it did not already own, for about $3.6 billion.
In November 2015, AmerisourceBergen acquired customized hospital sterile compounding provider PharMEDium Healthcare for $2.575 billion, but later shut down operations in 2020 due to regulatory compliance and FDA manufacturing challenges.
Cencora evaluates acquisition targets based on strategic fit in high-margin specialty pharmaceutical distribution, European healthcare access, specialized clinical logistics, regulatory biopharma services, and accretive return on invested capital.
In 2021, they executed a massive $6.2 billion acquisition of Alliance Healthcare from Walgreens to completely dominate the European market, and previously acquired MWI to dominate veterinary and animal health distribution.
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