Cencora Expands Specialty Care Leadership with Acquisition of Retina Consultants of America

Cencora has announced a definitive agreement to acquire Retina Consultants of America (RCA), a management services organization (MSO) specializing in retina care, from Webster Equity Partners. This acquisition supports Cencora’s strategy to broaden its footprint in specialty healthcare and enhance support for community providers in the high-growth retinal care sector.

Strategic Rationale Behind the Acquisition

Bob Mauch, President & CEO of Cencora, outlined the strategic significance of the acquisition:

“The acquisition of RCA will allow Cencora to broaden our relationships with community providers in a high-growth segment and build on our leadership in specialty. With a compelling value proposition for physicians, an impressive leadership team, and strong clinical research capabilities, RCA is well-positioned at the forefront of retinal care. We intend to use our leading operational infrastructure to help RCA enhance the provider experience, drive innovative new research, and create better outcomes for patients."

Strengthening Partnerships and Expanding MSO Solutions

This acquisition aligns with Cencora’s recent investment in OneOncology, further advancing the company’s reach in the MSO landscape. Through this transaction, Cencora aims to add value across the healthcare system, benefiting manufacturers, providers, and patients.

RCA’s Vision for Future Growth and Innovation

Robby Grabow, CEO of RCA, expressed enthusiasm about joining forces with Cencora:

“With additional resources to support the continued execution of our growth strategy, we will be better positioned to continue expanding our physician network and enhancing the quality of care we provide.”

Dr. David Brown, Co-Chair of RCA’s Medical Leadership Board, also highlighted the alignment in mission:

“The ability to become a part of Cencora and its purpose-driven culture will further advance RCA’s mission of saving sight and improving the lives of our patients and communities we serve through innovation.”

Key Strategic Impacts of the Acquisition

The acquisition of RCA enhances Cencora’s specialty care services and supports several key strategic priorities:

       • Enhancing Community Provider Leadership: RCA, the leading MSO in retina care, has a robust network of nearly 300 retina specialists across 23 states, conducting over 2 million patient visits annually.

       • Expanding Specialty Care Capabilities: This acquisition allows Cencora to deepen its MSO offerings, strengthen relationships with manufacturers, and broaden its reach in specialty care.

       • Investing in Innovation and Clinical Outcomes: RCA boasts an impressive clinical research network, with 40 trial sites and 400 full-time research employees. Cencora plans to leverage its manufacturer services to enhance RCA’s clinical research capabilities, supporting outcomes that make RCA a top choice for pharmaceutical partners in the retina field.

Transaction Details

Under the terms of the agreement:

       • Cencora will acquire RCA for approximately $4.6 billion in cash, subject to standard working capital and net-debt adjustments.

       • RCA’s affiliated practices, physicians, and management will retain a minority stake, while Cencora will hold approximately 85% ownership upon closing.

       • Cencora may also pay up to $500 million in contingent consideration in fiscal years 2027 and 2028, subject to the completion of specific business objectives.

The transaction, expected to close following regulatory approvals and customary closing conditions, is a significant step forward in Cencora’s mission to lead specialty healthcare, support innovative research, and enhance patient outcomes in retinal care.