TPG and AmerisourceBergen Corporation announced on April 20 that they have agreed to acquire OneOncology from General Atlantic, a leading global growth equity firm. The transaction is valued at $2.1 billion.
J.P. Morgan Securities LLC is serving as the exclusive financial advisor to AmerisourceBergen, and Morgan, Lewis & Bockius LLP and Sidley Austin LLP are serving as AmerisourceBergen’s legal advisors. Debevoise & Plimpton LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C are acting as legal advisors to TPG with Guggenheim Securities, LLC serving as an advisor to the firm. Centerview Partners is serving as the exclusive financial advisor to OneOncology and General Atlantic, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as OneOncology and General Atlantic’s legal advisor.
OneOncology is a national network of independent community oncologists assisting partner practices to expand their cancer care services. Its network includes 700 physicians practicing at more than 181 sites, serving approximately 280,000 patients annually.
TPG is a global alternative asset management firm founded in San Francisco in 1992 with $135 billion of assets under management and investment and operational teams in 12 offices globally.
AmerisourceBergen sources and distributes pharmaceutical products to healthcare providers, pharmaceutical and biotech manufacturers and specialty drug patients.
TPG will acquire a majority interest in OneOncology. AmerisourceBergen will purchase its minority interest in the joint venture for approximately $685 million in cash, which represents approximately 35% ownership in the joint venture. OneOncology’s affiliated practices, physicians and management team will also retain a minority interest in the company.
According to data captured in the LevinPro HC database, this acquisition marks the 170th Physician Medical Groups transaction of the year.
