Morgan Lewis Advises Cencora on $7.4 Billion Acquisition of OneOncology

PHILADELPHIA, December 15, 2025: Morgan Lewis is advising Cencora on a definitive agreement to acquire the majority of outstanding equity interest that it does not currently own in OneOncology from TPG. The transaction values the OneOncology enterprise at $7.4 billion, with an equity value of approximately $6 billion.

Cencora is a global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. OneOncology is a national physician-led platform empowering independent medical specialty practices rooted in oncology.

Partner Aaron Suh and associate Lindsay Mozdziock are advising Cencora with respect to the acquisition while partner Andrew Budreika and associate Benjamin Stango are advising on the financing. The team includes partners Jim McKenzie, Crystal Fang, Harry Robins, Susan Zhu, Patrick Rehfield, and Paul Gordon, of counsel Timothy Durbin, and associates Erin O'Gurek, Alyssa Cavallo, Fleur de Jong, Ann Reynolds, Emma Drake, and Andreas Andrews.

For more, read the announcement.