Updated: June 2026
Published by Physician Growth Partners
Consolidation in the Oncology sector remains strong and is at a key inflection point. Drug distributors, private equity sponsors and platforms, and large health systems are competing aggressively for high-quality physician-owned cancer care practices, creating a unique opportunity to achieve premium valuations.
Owning an oncology practice as a physician or a group means that you own a highly sought after asset in the eyes of buyers looking to quickly grow their platforms in an ever-evolving industry. Oncology practices generate strong, recurring revenue due to the rising incidence of cancer and ongoing advancements in treatment. They also attract significant interest from a broad range of buyers pursuing a limited number of quality, profitable, practices.
While the U.S. oncology market is one of the largest and most resilient subsectors in healthcare, cancer care has reached a meaningful inflection point. Global cancer medicine spending reached $252 billion in 2024 and is projected to reach $441 billion by 2029, reflecting average annual growth of 11.8%.1 The United States accounted for approximately 46% of global oncology spending in 2024, with U.S. spending expected to approach $180 billion by 2028.1,2
The American Cancer Society projected more than 2 million new cancer cases in the United States in 2024, which was the first time that threshold has been crossed.3 Lung, breast, prostate, and colorectal cancers account for the largest share of cases and drive the bulk of treatment revenue.
One of the most significant recent shifts in cancer care delivery is the movement away from hospital settings toward independent practices. A Health Affairs study found that insurers paid approximately double for the same infused cancer drugs in hospital outpatient departments compared to independent physician offices.4 Payors are increasingly directing patients toward lower-cost community settings, creating a substantial opportunity for well-positioned independent practices.
The most recently active consolidators in the market are McKesson, Cencora, and Cardinal Health, which collectively control over 90% of the U.S. pharmaceutical wholesale market.5 As these distributors expand into the provider sector, they have acquired oncology platforms such as Ontada (McKesson), OneOncology (Cencora), and Integrated Oncology Network (Cardinal Health affiliation). Their strategy is driven by the desire to secure downstream drug purchasing volume, and they are often willing to pay meaningful premiums to own the physician networks that direct it. This dynamic is a key component of the value creation thesis for these buyers.
Oncology practice valuations vary based on factors such as size, revenue mix, geographic location, and buyer type. Understanding where your practice fits in the market and which buyers may value it most is key to maximizing your outcome.
Smaller practices with less than $3 million of EBITDA typically transact in the mid- to high-single-digit EBITDA Multiple range, while larger practices generating between $5 million and $10 million of EBITDA often command a double-digit EBITDA multiple due to greater scale, stronger drug purchasing volume, and value-based care capabilities. Highly scaled oncology platforms can achieve premium valuations above 12.0x EBITDA, driven by network scale, purchasing leverage, ancillary service offerings, and clinical trial infrastructure. Understanding how buyers evaluate these characteristics is critical to positioning a practice for a successful transaction and maximizing value.
Cencora’s acquisition of full control of OneOncology in 2025 (in 2023 Cencora purchased a 35% stake with an option to buy the remainder) at a valuation of approximately 19x EBITDA, an EV of $7.4b and cash consideration of $5b, is representative of the appetite for scaled oncology assets.9 Cardinal Health’s acquisitions of Specialty Networks and ION were completed at a combined $2.3 billion, anchoring its Navista community oncology network.10, 11 McKesson’s $2.5 billion acquisition of a 70% MSO stake in Florida Cancer Specialists expanded the US Oncology Network to more than 700 locations.12 The dramatic influx of capital into the provision of oncology is indicative of the sheer interest in the specialty right now.
Strong industry tailwinds are driving significant demand for oncology practices, while rising drug costs, reimbursement pressure, administrative burden, and operational complexity are increasing pressure on independent owners.
As a result, scale and institutional support have become more valuable, and many practice owners are exploring sales or partnerships at a time when buyer interest and valuations remain strong.
Key dynamics that continue to make independent oncology practices highly attractive acquisition targets:
The Oncology buyer universe is broad, competitive, and exceptionally well-capitalized. For physician-owners, this depth of demand is directly value-accretive.
Physician Growth Partners tracks four primary buyer pools currently active in the market:
| Date | Buyer | Target | Commentary |
|---|---|---|---|
| 2023 | TPG / Cencora | OneOncology (TPG) | Joint venture with Cencora and TPG. Was one of the nation’s largest independent oncology platforms. |
| 2024 | Cardinal Health | Specialty Networks | Anchors Navista oncology alliance. |
| 2024 | Cardinal Health | Integrated Oncology Network (Silver Oak) | Absorbed into Navista. |
| 2024 | McKesson | Florida Cancer Specialists | Expands US Oncology to 700+ locations. |
| Apr 2025 | OneOncology (TPG / Cencora) | Beacon Clinic | OneOncology expands Pacific Northwest footprint via affiliation in Idaho. |
| Apr 2025 | OneOncology (TPG / Cencora) | New York Oncology Hematology | OneOncology adds established New York community hematology/oncology practice to its network. |
| Jun 2025 | McKesson Corporation | CORE Ventures | McKesson bolsters specialty pharmacy/distribution presence through oncology venture acquisition. |
| Jun 2025 | OneOncology (TPG / Cencora) | The START Center for Cancer Care | OneOncology affiliates with San Antonio-based early-phase oncology clinical trials network. |
| Jun 2025 | OneOncology (TPG / Cencora) | Hematology and Oncology Clinic | OneOncology adds independent community hematology/oncology practice to its growing network in Florida. |
| Jul 2025 | OneOncology (TPG / Cencora) | Los Gatos Radiation Oncology Center | OneOncology broadens California presence with addition of community radiation oncology center. |
| Aug 2025 | American Oncology Network (AEA Growth / Public) | Conway Hematology Oncology | AON expands Southeast footprint by affiliating established Arkansas community oncology practice. |
| Oct 2025 | OneOncology (TPG / Cencora) | SunState Medical Specialists (Genesis Care USA of Florida) | OneOncology acquires former GenesisCare Florida practice assets, rebranding as SunState Medical Specialists. |
| Nov 2025 | OneOncology (TPG / Cencora) | Cancer Specialists of North Florida | OneOncology extends Florida presence by affiliating Jacksonville-area community oncology group. |
| Nov 2025 | OneOncology (TPG / Cencora) | Chesapeake Oncology-Hematology Associates | OneOncology affiliates Maryland community practice; strengthens Mid-Atlantic regional coverage. |
| Dec 2025 | OneOncology (TPG / Cencora) | Ventura County Oncology Hematology | OneOncology adds Southern California community hematology/oncology practice to its platform. |
| Dec 2025 | Cencora | OneOncology (TPG) | Cencora acquires the balance of TPG’s equity interest; consolidates full control of the network. |
| Mar 2026 | American Oncology Network (AEA Growth / Public) | Oncology Consultants | AON affiliates long-standing Houston independent oncology group; deepens Texas market presence. |
| Apr 2026 | Cancer Care Specialists (Levitate Ridge Capital) | Cancer Center Oncology Medical Group | Levitate Ridge-backed CCS affiliates California community oncology practice; seeds West Coast platform. |
| May 2026 | American Oncology Network (AEA Growth / Public) | Eckhart Oncology | AON adds Indiana independent oncology practice; expands Midwest community network footprint. |
In light of the complex healthcare regulatory environment, the advantages of scale, and healthy valuations, it is uncommon for market conditions to align this favorably across multiple dimensions at once.
Strong buyer demand. Expansion by drug distributors, active private equity investment, and health systems seeking greater scale have created a favorable market for sellers.
Increasing reimbursement pressure. Medicare cuts, potential 340B changes, and growing administrative burdens are making it more difficult to remain independent.
Rising treatment complexity. New therapies and advanced diagnostics require significant capital investment that many independent practices cannot easily support on their own.
Ongoing distributor competition. McKesson, Cencora, and Cardinal Health continue to compete aggressively for physician network partnerships, supporting strong valuations for sellers.
Succession and liquidity planning. Many physician owners are pursuing transactions to reduce personal risk, gain operational support, and create greater financial flexibility while market valuations remain strong.
As the oncology landscape continues to evolve, independent practices are facing increasing pressure from rising drug costs, staffing shortages, reimbursement changes, and growing administrative complexity. At the same time, larger oncology platforms are benefiting from greater scale, stronger purchasing leverage, and broader operational infrastructure. These trends are leading many physicians to evaluate strategic partnerships, affiliations, or practice sales to reduce financial and operational burden while continuing to deliver high-quality patient care.
The right potential buyer will depend on your practice’s specialty focus, geographic market, drug purchasing volume, and long-term goals for both the practice and your physicians. Some buyers prioritize preserving physician autonomy and culture, while others may offer greater operational support, access to capital, or the opportunity to participate in future equity growth.
Because every oncology practice is valued differently, it is important to position your practice thoughtfully and engage with the right group of buyers. A well-structured process can help maximize value, improve deal terms, and ensure alignment with your clinical, financial, and personal objectives.
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Sources & Citations
Physician Growth Partners · This content is provided for informational purposes only and does not constitute legal, financial, or investment advice. All transaction data sourced as cited. © 2026 Physician Growth Advisors, LLC. All rights reserved.