The transaction signals Cardinal Health’s continued strategic investment in specialty and oncology and underscores its commitment to independent community health care providers, accelerating the development of the Navista Oncology Care Alliance and adding more than 100 providers in more than 50 community-based facilities delivering a wide range of oncology and urology care across 10 states.
DUBLIN, Ohio, Sept. 20, 2024 /PRNewswire/ — Cardinal Health (NYSE: CAH) today announced it has signed a definitive agreement to acquire Integrated Oncology Network (ION), an independent, physician-led community oncology network, for $1.115 billion in cash. ION represents more than 100 providers with more than 50 practices across 10 states and extensive community penetration. ION supports a comprehensive continuum of care across its member sites, including medical oncology, radiation oncology, urology, diagnostic testing and other ancillary services.
The transaction builds on Cardinal Health’s commitment to helping local healthcare providers maintain their independence. As part of the transaction, ION Clinics will become members of Navista, Cardinal Health’s coalition of oncology clinics, and ION clinic management and clinic growth services will become part of Navista’s advanced services and technology offerings. ION Clinics will also have access to Navista’s advanced analytics capabilities, leveraging deep expertise in artificial intelligence and Specialty Networks’ PPS Analytics and SoNaR technology solutions to generate actionable clinical and business insights.
“Accelerating specialty growth remains a top priority and we have made investments to expand our offerings through the acquisition of Navista and Specialty Networks,” said Jason Holler, CEO of Cardinal Health. “With their proven model of broadly supporting community oncology across the cancer care continuum and healthcare ecosystem, we believe the Integrated Oncology Network will further accelerate our oncology strategy and create value for providers and patients.”
ION’s business model and services are flexible and aligned with its members’ realities. The company’s support services include revenue cycle management, payer relations, physician recruitment, practice marketing, finance, accounting, human resources and information technology. Combined with Navista’s technology platform, value-based care and ancillary services, ION complements and extends Cardinal Health’s comprehensive suite of clinical and practice management solutions designed to support independent community oncology practices.
“Integrated Oncology Network and Cardinal Health share a mission to help local oncology practices provide world-class patient care and a world-class patient experience close to home to patients and their families,” said Barry Tanner, CEO of Integrated Oncology Network. “This partnership will give local practices the tools and technology they need to strengthen and grow their mission and positively impact patient outcomes.”
“By joining forces, Integrated Oncology Network and Cardinal Health are fulfilling an incredible commitment to community oncology and, above all, the patients we serve across the nation,” said Jedidiah Monson, M.D., founding partner and president of California Cancer Associates for Research & Excellence (cCARE), an ION member health care organization. “Joining Navista will give cCARE access to the advanced services and technology it needs to focus on providing high-quality, low-cost, patient-centered cancer care while remaining independent for our patients, clinics and communities.”
Cardinal Health’s Pharmaceutical and Specialty Solutions division operates one of the largest pharmaceutical supply chains in the U.S., with strategically located distribution centers enabling fast and efficient delivery to anywhere in the country. Through its specialty businesses, Cardinal Health provides reliable delivery and advanced technology solutions to community-based clinics across the country.
The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals. The transaction is expected to be accretive to non-GAAP earnings per share 12 months after closing.
About Cardinal Health
Cardinal Health is a pharmaceutical distributor, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With more than 50 years of history, operations in more than 30 countries and approximately 48,000 employees worldwide, Cardinal Health is an essential part of healthcare. Information about Cardinal Health is available at cardinalhealth.com.
About the Integrative Oncology Network
The Integrated Oncology Network partners directly with physicians, hospitals and other healthcare providers to bring the latest services and technologies to patients. Founded in 2008, ION has grown to more than 50 centers nationwide, offering a comprehensive, integrated continuum of care including diagnostic testing, radiation oncology, medical oncology, urology and other ancillary services. For more information, visit www.ionetwork.com.
contact address
Media: Andrea Vance; [email protected] (614) 553-3853
Investors: Matt Sims, [email protected] (614) 553-3661
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding expectations, outlook, estimates and other matters that depend on future events and developments. These statements may be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “will,” “should,” “may,” “will,” “project,” “continue,” “likely” and similar expressions and include statements reflecting future results or guidance, forward-looking statements and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expected or implied. These risks and uncertainties include risks related to the planned acquisition of Integrated Oncology Network, including the risk of not receiving required regulatory approvals or being unable to complete the acquisition, and the risk of not realizing the expected strategic and financial benefits. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health’s Form 10-K, Form 10-Q and Form 8-K reports and the exhibits to those reports. This news release reflects management’s views as of September 20, 2024. Except as required by applicable law, Cardinal Health undertakes no obligation to update or revise forward-looking statements. Forward-looking statements are aspirational and are not a guarantee or promise that any objectives, targets or projections will be achieved, and there can be no assurance that any commitments, expectations, initiatives or plans set out in this news release can or will be achieved or completed.
SOURCE Cardinal Health
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