DUBLIN, Ohio, September 20, 2024 — Cardinal Health (NYSE: CAH) has announced a pivotal step in enhancing its commitment to independent community healthcare providers through the acquisition of Integrated Oncology Network (ION) for $1.115 billion in cash. This transaction is not only a significant investment in specialty and oncology services but also a demonstration of Cardinal Health’s ongoing dedication to community-centric healthcare.
With this acquisition, Cardinal Health aims to bolster the Navista oncology practice alliance, incorporating over 100 providers across more than 50 community-based locations that span 10 states. ION offers an extensive range of services that include medical oncology, radiation oncology, urology, diagnostic testing, and other ancillary services, thereby ensuring a comprehensive continuum of care for local communities.
This move underscores Cardinal Health’s commitment to fostering independence among community healthcare providers. As ION practices join the Navista alliance, they will gain access to advanced practice management and growth services, further enhancing their capabilities and resources.
The integration of ION into Navista will enable practices to harness advanced analytics powered by artificial intelligence, along with specialized insights from Specialty Networks’ PPS Analytics and SoNaR technology solutions. Jason Hollar, CEO of Cardinal Health, emphasized the importance of driving growth in specialty services: “With the proven model of ION supporting community oncology across the entire cancer care continuum, we are confident this acquisition will accelerate our oncology strategy and create value for both providers and patients.”
ION’s flexible business model caters to the diverse needs of its member practices. Support services encompass revenue cycle management, payer relations, physician recruitment, practice marketing, finance, accounting, human resources, and information technology. This synergistic approach, combined with Navista’s technology platform and value-based care solutions, enhances Cardinal Health’s holistic suite of clinical and practice management resources aimed at empowering independent community oncology practices.
Barry Tanner, CEO of Integrated Oncology Network, expressed enthusiasm about the partnership: “Together, we share a mission to provide world-class patient care and a superior patient experience, enabling local practices to enhance their services and positively impact patient outcomes.”
Dr. Jedidiah Monson, founding partner and president of ION member practice California Cancer Associates for Research & Excellence (cCARE), highlighted the significance of this collaboration: “By joining Navista, cCARE will gain access to the advanced services and technology needed to deliver high-quality, cost-effective patient-centered cancer care while maintaining our independence for the benefit of our patients, practices, and communities.”
Cardinal Health’s Pharmaceutical and Specialty Solutions segment operates one of the largest pharmaceutical supply chains in the United States. The company boasts strategically located distribution centers that facilitate rapid and efficient delivery nationwide. Through its specialty division, Cardinal Health provides dependable distribution and advanced technology solutions to community-based practices across the country.
This acquisition is subject to customary closing conditions, including necessary regulatory approvals. Following the transaction’s completion, it is projected to be accretive to non-GAAP earnings per share within 12 months.
About Cardinal Health
Cardinal Health is a leading 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 over 50 years of experience and operations in more than 30 countries, Cardinal Health employs approximately 48,000 individuals globally and is integral to healthcare delivery. More information is available at cardinalhealth.com.
About Integrated Oncology Network
Founded in 2008, Integrated Oncology Network partners with physicians, hospitals, and other healthcare providers to deliver cutting-edge services and technologies to their patients. With over 50 centers nationwide, ION offers a complete and integrated continuum of care, encompassing diagnostic testing, radiation oncology, medical oncology, urology, and other ancillary services.
This news release includes forward-looking statements regarding expectations, estimates, and other matters dependent on future events. Such statements may be identified by terms such as “expect,” “anticipate,” “intend,” “believe,” and similar expressions. These projections are subject to risks and uncertainties that could lead to actual results differing significantly from those anticipated. Cardinal Health is obligated to disclose additional risks and uncertainties in its Form 10-K, Form 10-Q, and Form 8-K reports. This announcement reflects management’s views as of September 20, 2024, and Cardinal Health undertakes no obligation to update or revise any forward-looking statements, except as required by law.
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