TPG and AmerisourceBergen to acquire oncology practices network OneOncology

• The transaction puts OneOncology at a valuation of $2.1 billion
• The deal is expected to close by the end of September 2023
• Founded in 1992, TPG has $135 billion of assets under management

TPG and AmerisourceBergen Corporation have agreed to acquire Nashville-based OneOncology, a network of oncology practices, from General Atlantic. With this deal, TPG will acquire a majority stake in OneOncology and AmerisourceBergen will take a minority stake in the company.

The transaction puts OneOncology at a valuation of $2.1 billion.

“Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues,” said Justin Sunshine, managing director at General Atlantic, in a statement. “We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth.”

The transaction is expected to close by the end of September 2023.

J.P. Morgan Securities LLC is serving as 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 serving as legal advisors to TPG, and Guggenheim Securities, LLC is also serving as an advisor to the firm. Centerview Partners is serving a financial advisor to OneOncology and General Atlantic, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as OneOncology and General Atlantic’s legal advisor.

Founded in 1992, TPG has $135 billion of assets under management.

Pennsylvania-based AmerisourceBergen is a provider of global pharmaceutical solutions.