U.S. drug distributor Cencora announced on Monday that it has entered into a definitive agreement to acquire the retina-care business of EyeSouth Partners for $1.1 billion, expanding its presence in specialty medical services. The transaction will integrate EyeSouth’s retina-focused physicians into Cencora’s existing eye-care platform, Retina Consultants of America (RCA).
RCA, a management services organization focused on retina care, was acquired by Cencora in 2024 from Webster Equity Partners for $4.6 billion. Following the completion of the latest deal, EyeSouth’s affiliated retina physicians are expected to join RCA, further strengthening and expanding its network of specialists. Shares of Cencora rose more than 2% in premarket trading after the announcement was made public.
The acquisition forms part of a broader strategy by Cencora to prioritize higher-margin, specialty-focused segments while continuing to reduce its exposure to non-core operations. Over the past year, the company has undertaken several transactions that align with this approach and reflect this shift in focus.
In 2025, it took full ownership of OneOncology in a $5 billion cash deal, reinforcing and expanding its position in cancer-care services. More recently, it announced plans to divest its MWI Animal Health unit through a merger with Covetrus, in a transaction valuing the business at $3.5 billion.
According to J.P. Morgan analyst Lisa Gill, the EyeSouth transaction represents the third significant acquisition of a retina-focused network by a drug distributor. She noted that similar deals include Cencora’s purchase of RCA and a 2025 acquisition of PRISM by McKesson. Gill also indicated that the retina drug market could see growth driven by biosimilars, including the approval of a biosimilar version of Eylea in 2024, which she expects will contribute meaningfully to Cencora’s profitability over time.
Cencora stated that its current financial outlook does not factor in any contribution from the EyeSouth acquisition, as the company does not expect the deal to close within its fiscal year. However, it anticipates that the transaction will have a positive impact on adjusted earnings per share within the first 12 months after closing, even after taking financing costs into account.
The agreement remains subject to customary closing conditions, including the receipt of required regulatory approvals.
Robert P. Mauch, President and Chief Executive Officer of Cencora, commented on the acquisition, stating: “Driven by a commitment to empower ophthalmologists, EyeSouth Partners has built a strong regional network of physicians that provides high quality patient care.”
Additional remarks from company executives and affiliated physicians emphasized collaboration and expanded access to treatment. David Brown, Chief Medical Officer of RCA, said the organization looks forward to working with EyeSouth physicians to advance treatments aimed at preserving vision and improving patient outcomes. Atul Sharma, a board member of EyeSouth Partners, stated that joining RCA would support broader access to innovative therapies while maintaining collaboration within the ophthalmology field.
Cencora also reaffirmed its fiscal 2026 financial guidance, noting that it does not currently assume the transaction will be completed within that period.
Cencora Expands Specialty Care with Major Retina Acquisition
Cencora is making a significant move in the specialty healthcare sector with its decision to acquire EyeSouth Partners’ retina business for $1.1 billion. This strategic acquisition highlights Cencora’s continued commitment to expanding its footprint in high-growth therapeutic areas, particularly ophthalmology.
Cencora has announced a $1.1 billion agreement to acquire the retina business of EyeSouth Partners, marking a significant step in expanding its presence within specialty healthcare services. This move reflects a broader strategy to grow beyond traditional pharmaceutical distribution and invest in high-demand clinical segments such as ophthalmology, where the need for specialized care continues to rise. The retina segment, in particular, has seen strong growth due to increasing cases of age-related macular degeneration, diabetic retinopathy, and other chronic eye conditions, making it an attractive area for long-term investment. By integrating an established network of retina specialists and clinics, the acquiring company is expected to enhance care delivery, improve operational efficiency, and provide better support to healthcare providers.
The acquisition also brings opportunities for meaningful operational synergies, including streamlined administrative systems, enhanced supply chain capabilities, and the use of advanced data analytics to support clinical decision-making. These improvements could lead to more coordinated and patient-centered care, enabling faster diagnoses, more personalized treatment plans, and improved overall outcomes. From a market perspective, the deal highlights growing interest in provider-based healthcare models, where companies aim to combine clinical expertise with scalable infrastructure to deliver comprehensive services.
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