Cencora, the Conshohocken, Pennsylvania-based pharmaceutical solutions company, has agreed to buy American Oncology Network (AON), a Fort Myers, Florida-based network of community oncology practices, the company announced on October 21, 2026. AON is a physician-led network of more than 350 oncology providers across 21 states. The deal extends Cencora’s oncology management services organization (MSO) into 12 additional states.
“The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country,” said Robert P. Mauch, President and Chief Executive Officer of Cencora. “With the addition of AON to our leading MSO network, we will enhance our capabilities for independent practices, strengthening patient access to high-quality, cost-effective care, while fortifying our growth platform to drive long-term value for our stakeholders.”
What the Deal Means for AON’s Physicians
Cencora says the acquisition will give AON resources to expand the integrated services its patients rely on, improve its technology and practice support, and keep adding new practices and physicians. Clinical decisions will remain with AON’s physicians.
Cencora isn’t new to the network. It has invested in AON since 2020, a point AON’s leadership highlighted:
“Our physicians, clinicians and care teams, and the patients they serve, have always been at the heart of AON, and this agreement is about giving them more support, more resources and more time for patient care,” said Todd Schonherz, Chief Executive Officer of American Oncology Network. “As an investor in AON since 2020 and a leader in oncology, Cencora understands that mission and will partner with us to accelerate that goal.”
For Dr. Stephen “Fred” Divers, AON’s Chief Medical Officer, the focus is patient access: “For patients facing a cancer diagnosis, ensuring dependable access to advanced and innovative therapy is crucial to their survival. This partnership will bolster AON’s mission of sustainably delivering the highest quality care to patients in their own communities.”
Inside the Transaction
Cencora already owns about 4% of AON and has agreed to acquire the rest of its equity. The deal values AON at an enterprise value of $2.4 billion. That figure includes $2.3 billion at closing and up to $100 million in contingent value rights (CVRs), which Cencora will pay if certain conditions are met.
Some AON stockholders may roll over equity representing up to 25% of the company. If they keep that full 25%, Cencora expects to pay about $1.7 billion at closing to raise its stake to 75%.
AON’s Board of Directors has approved the agreement, on the unanimous recommendation of a special committee of independent directors. The deal still requires regulatory clearances, AON stockholder approval, and other customary closing conditions.
About Cencora
Cencora is a pharmaceutical solutions organization that works with drug developers to support market access to therapies and delivers pharmaceuticals and healthcare products to care providers. The company reports more than $300 billion in annual revenue and ranks No. 10 on the Fortune 500.
About American Oncology Network
Founded in 2018, AON is an alliance of physicians and healthcare leaders focused on community oncology and other specialties. It gives its network physicians practice management support and ancillary services so they can remain independent, and it focuses on value-based care.
