- Transaction demonstrates Cardinal Health's continued
strategic investment in specialty and oncology, underscores
commitment to independent community healthcare
providers
- Accelerates the development of Navista oncology
practice alliance, adding more than 100 providers
at more than 50 community-based sites delivering broad-reaching
oncology and urology care across 10 states
DUBLIN,
Ohio, Sept. 20, 2024 /PRNewswire/ -- Cardinal
Health (NYSE: CAH) announced today that it has entered into a
definitive agreement to acquire Integrated Oncology Network (ION),
a physician-led independent community oncology network, for
$1.115B in cash. ION includes more
than 50 practice sites in 10 states representing more than 100
providers with extensive reach into the local communities they
serve. ION supports a complete 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 community healthcare providers maintain their independence.
As part of the transaction ION practices will become members of
Navista, Cardinal Health's oncology practice alliance, and ION
practice management and practice growth services will become part
of Navista's advanced services and technology offering. ION
practices will also have access to Navista's advanced analytics
capabilities that leverage artificial intelligence as well as deep
expertise from Specialty Networks' PPS Analytics and SoNaR
technology solutions to generate actionable clinical and business
insights.
"Driving growth in specialty continues to be a top priority, and
we've made investments to expand our offerings through both Navista
and our acquisition of Specialty Networks," said Jason Hollar, CEO, Cardinal Health. "With their
proven model providing extensive support of community oncology
across the cancer care continuum and healthcare ecosystem,
we're confident Integrated Oncology Network will further accelerate
our oncology strategy and enable us to create value for providers
and patients."
ION's business model and services are flexible and meet member
practices where they are. Its support services include revenue
cycle management, payor relations, physician recruitment, practice
marketing, finance, accounting, human resources and information
technology. Taken together with Navista offerings such as its
technology platform and value-based care and ancillary services,
ION complements and will expand Cardinal Health's holistic suite of
clinical and practice management solutions designed to support
independent community oncology practices.
"Integrated Oncology Network and Cardinal Health share a mission
of helping community oncology practices deliver world-class patient
care and a world-class patient experience to patients and families
close to home," said Barry Tanner,
CEO, Integrated Oncology Network. "This partnership will give
community practices the tools and technology they need to enhance
and grow that mission and make a positive impact on patient
outcomes."
"By joining forces, Integrated Oncology Network and Cardinal
Health are making an exciting commitment to community oncology and,
most importantly, to the patients we serve across the country,"
said Jedidiah Monson, MD, founding
partner and president of ION member practice California Cancer
Associates for Research & Excellence (cCARE). "By joining
Navista, cCARE can access the advanced services and technology we
need to remain focused on providing high-quality, lower-cost
patient-centered cancer care while staying independent—for the good
of our patients, our practices and our communities."
Cardinal Health's Pharmaceutical and Specialty Solutions segment
operates one of the largest pharmaceutical supply chains in the
U.S. with strategically located distribution centers that enable
fast and efficient delivery anywhere in the country. Through its
Specialty business, Cardinal Health provides reliable distribution
and advanced technology solutions to community-based practices
across the nation.
This transaction is subject to the satisfaction of customary
closing conditions, including receipt of required regulatory
approvals. The transaction is expected to be accretive to non-GAAP
earnings per share after 12 months following close.
About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, 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 in business, operations in more
than 30 countries and approximately 48,000 employees globally,
Cardinal Health is essential to care. Information about Cardinal
Health is available at cardinalhealth.com.
About Integrated Oncology Network
Integrated Oncology Network partners directly with physicians,
hospitals and other healthcare providers to offer the latest
services and technologies to their patients. Founded in 2008, ION
has grown to more than 50 centers across the country, providing a
complete and integrated continuum of care including diagnostic
testing, radiation oncology, medical oncology, urology and other
ancillary services. For more information,
visit www.ionetwork.com.
Contacts
Media: Andrea Bunce,
Andrea.Bunce@cardinalhealth.com and (614) 553-3853
Investors: Matt Sims,
Matt.Sims@cardinalhealth.com and (614) 553-3661
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressing
expectations, prospects, estimates and other matters that are
dependent upon future events or developments. These statements may
be identified by words such as "expect," "anticipate," "intend,"
"plan," "believe," "will," "should," "could," "would," "project,"
"continue," "likely," and similar expressions, and include
statements reflecting future results or guidance, statements of
outlook, and various accruals and estimates. These matters are
subject to risks and uncertainties that could cause actual results
to differ materially from those projected, anticipated or implied.
These risks and uncertainties include risks associated with our
planned acquisition of Integrated Oncology Network, including the
risk that we may not receive required regulatory approval or
otherwise fail to complete the acquisition and the risk that we may
fail to realize the anticipated 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 exhibits to those reports. This news release reflects
management's views as of September 20,
2024. Except to the extent required by applicable law,
Cardinal Health undertakes no obligation to update or revise any
forward-looking statement. Forward-looking statements are
aspirational and not guarantees or promises that goals, targets or
projections will be met, and no assurance can be given that any
commitment, expectation, initiative or plan in this news release
can or will be achieved or completed.
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SOURCE Cardinal Health