Proposed joint venture aims to expand
clinical research services to improve cancer treatment options for
patients
McKesson Corporation (NYSE: MCK) and HCA Healthcare, Inc. (NYSE:
HCA) announced today an agreement to form a joint venture combining
McKesson’s US Oncology Research (USOR) and HCA Healthcare’s Sarah
Cannon Research Institute (“SCRI”). USOR is the research arm of
McKesson’s The US Oncology Network and draws from a network of
experienced investigators and dedicated clinical staff who
specialize in oncology clinical trials. SCRI, which is the research
arm of Sarah Cannon, HCA Healthcare’s Cancer Institute, offers
end-to-end clinical trial site support services with a deep
expertise in early-phase oncology research and drug development as
well as a specialized contract research organization (CRO).
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Together, USOR and SCRI will create a fully integrated oncology
research organization aimed at expanding clinical research,
accelerating drug development and increasing availability and
access to clinical trials for community oncology providers and
patients, including those in underserved communities. The joint
venture plans to offer an expanded clinical research network, a
broader portfolio of clinical trials, and enhanced data and
analytics capabilities to better match patients with clinical
trials.
“McKesson and HCA Healthcare share a commitment to advancing the
next generation of cancer care,” said Brian Tyler, chief executive
officer, McKesson. “This new joint venture is an important step
forward in increasing access to clinical trials, particularly
within the community setting, where the majority of all cancer
patients are initially treated. Additionally, the joint venture
directly aligns with McKesson’s strategic growth priorities by
further expanding our differentiated oncology ecosystem and
improving the value proposition for provider and biopharma
partners.”
“Clinical research and partnerships are fundamental to how we
address our communities’ most pressing healthcare needs,” said Sam
Hazen, chief executive officer of HCA Healthcare. “We believe this
joint venture with McKesson, which unifies our oncology research
experts, will promote the development of individualized therapies
and provide more opportunities for cancer patients to receive new
treatments.”
The transaction is expected to close in 2022. Following the
close of the transaction, McKesson will own 51% of the joint
venture and have operating control. The joint venture will be
governed by a Board of Directors with representation from both
McKesson and HCA Healthcare. The new company will be led by SCRI’s
Dee Anna Smith, who will serve as chief executive officer, and
SCRI’s Howard A. “Skip” Burris, III, MD, who will serve as
president. Additionally, USOR’s Robert Coleman, MD will become the
new organization’s chief medical officer and SCRI’s David Spigel,
MD will be its chief scientific officer.
“When it comes to the fight against cancer, building a network
of collaborators is essential. Our impact on patients is evident
through our longstanding partnerships with experts from Tennessee
Oncology, Florida Cancer Specialists and many other valued oncology
programs,” said Dee Anna Smith, chief executive officer of Sarah
Cannon. “In the last three decades, our collaborations have led to
advancing treatment standards for the majority of new cancer
therapies that are available to patients today. We believe that
coming together with US Oncology Research will complement and
strengthen our network so that we can continue to make a greater
impact for people living with cancer.”
Separately, McKesson will acquire Genospace, SCRI’s personalized
medicine platform. Genospace is a leading innovator in precision
medicine and clinical trial matching. By becoming a part of
McKesson, Genospace will power the oncology data and analytics
capabilities for the joint venture as well as enhance the ability
of its provider partners to more efficiently identify the most
appropriate therapies or clinical trials for their patients.
Research is essential to advancing cancer care from diagnosis
through survivorship, and as such, the joint venture will enhance
both companies’ cancer care offerings. McKesson’s The US Oncology
Network and HCA Healthcare’s cancer network, Sarah Cannon Cancer
Institute, are not part of the transaction and will continue to
operate independently of the joint venture.
Financial terms of the agreement were not disclosed. The
transaction is subject to necessary regulatory approvals and other
customary closing conditions.
About US Oncology Research
US Oncology Research is the research arm of The US Oncology
Network and draws from a network of experienced investigators and
dedicated clinical staff who specialize in oncology clinical
trials, serving approximately 60 research sites and more than 170
locations and managing about 500 active trials at any given
time.
About SCRI
Sarah Cannon Research Institute (SCRI) is the research arm of
HCA Healthcare’s Cancer Institute, Sarah Cannon. Focused on
advancing therapies for patients, SCRI is one of the world’s
leading clinical research organizations conducting community-based
clinical trials. A leader in drug development, SCRI has led more
than 600 first-in-human clinical trials since its inception in
1993, and has been a clinical trial leader in the majority of
approved cancer therapies for more than a decade. Additionally,
SCRI offers management, regulatory, and other research support
services for drug development and industry sponsors as well as
strategic investigator sites through its contract research
organization (CRO), Sarah Cannon Development Innovations. For more
information, visit sarahcannon.com.
About SCRI’s Network of Strategic Sites
Our network of strategic sites includes SCRI at Tennessee
Oncology a partner of OneOncology; SCRI at Florida Cancer
Specialists & Research Institute; American Oncology Network’s
Hematology/Oncology Clinic, Messino Cancer Centers, Genesis Cancer
Center and Zangmeister Cancer Center; SCRI at HealthONE; SCRI -
United Kingdom; Sidney Kimmel Cancer Center – Jefferson Health; and
The Stephenson Cancer Center at the University of Oklahoma.
Additionally, research is conducted throughout the Sarah Cannon
Transplant and Cellular Therapy Network including the following
programs: Colorado Blood Cancer Institute at HealthONE’s
Presbyterian/St. Luke’s Medical Center; Methodist Hospital (San
Antonio); Medical City Dallas Hospital; HCA Midwest Health’s
Research Medical Center; St. David’s South Austin Medical Center;
and TriStar Centennial Medical Center.
About McKesson Corporation
McKesson Corporation is a diversified healthcare services leader
dedicated to advancing health outcomes for patients everywhere. Our
teams partner with biopharma companies, care providers, pharmacies,
manufacturers, governments, and others to deliver insights,
products and services to help make quality care more accessible and
affordable. Learn more about how McKesson is impacting virtually
every aspect of healthcare at McKesson.com and read Our
Stories.
About HCA Healthcare
Nashville-based HCA Healthcare is one of the nation’s leading
providers of healthcare services comprising 182 hospitals and
approximately 2,300 ambulatory sites of care, including surgery
centers, freestanding ERs, urgent care centers, and physician
clinics, in 20 states and the United Kingdom. With its founding in
1968, HCA Healthcare created a new model for hospital care in the
United States, using combined resources to strengthen hospitals,
deliver patient-focused care and improve the practice of medicine.
HCA Healthcare has conducted a number of clinical studies,
including one that demonstrated that full-term delivery is
healthier than early elective delivery of babies and another that
identified a clinical protocol that can reduce bloodstream
infections in ICU patients by 44%. HCA Healthcare is a learning
health system that uses its more than 35 million annual patient
encounters to advance science, improve patient care and save lives.
Please click here to connect with HCA Healthcare on social
media.
Cautionary Statements Regarding Forward Looking
Statements
The preceding descriptions of the proposed joint venture and
acquisition constitute “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, that involve risks and
uncertainties that could cause actual results to differ materially
from those in those statements. It is not possible to identify all
such risks and uncertainties. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date they are first made. Except to the extent required by law, the
parties undertake no obligation to publicly update forward-looking
statements. Risk factors include but are not limited to: the
parties might be unable to complete the transactions as
anticipated; the joint venture will be subject to extensive,
complex and challenging healthcare and other laws; the parties may
not realize the expected benefits of the transactions; the joint
venture and acquisition might not achieve anticipated financial and
operating results. Investors should read the important risk factors
described in each party’s Form 10-K, Form 10-Q and Form 8-K reports
filed with the Securities and Exchange Commission.
All references to “Company,” “HCA” and “HCA
Healthcare” as used throughout this document refer to HCA
Healthcare, Inc. and its affiliates.
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HCA Healthcare Contacts: Investors: Frank Morgan
615-344-2688 Media: Harlow Sumerford 615-344-1851 McKesson
Contacts: Investors: Rachel Rodriguez 469-260-0556 Media: Sunny
Rodriguez 972-589-4307 Claire Crye 281-825-9927
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