Holland & Knight Advises Cencora on $2.4 Billion Acquisition of American Oncology Network
PHILADELPHIA (October 21, 2026) – Holland & Knight represented Cencora Inc. (NYSE: COR), a leading global pharmaceutical solutions organization, in a definitive agreement to acquire American Oncology Network Inc. (AON), a physician-led network of more than 350 oncology providers across 21 states. The transaction was announced October 21.
The acquisition of AON will expand Cencora's physician-led oncology MSO and support of care in communities across the country. The transaction is expected to support AON with the resources to expand the integrated services patients rely on, enhance technology and practice support capabilities, and continue welcoming new practices and physicians to enable high-quality patient care. Clinical decisions will continue to rest with AON's physicians.
The transaction values AON at an enterprise value of $2.4 billion, consisting of $2.3 billion at closing and contingent value rights of up to $100 million payable upon the satisfaction of certain conditions.
Headquartered in Conshohocken, Pennsylvania, Cencora partners with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies.
Holland & Knight Partners Colby Smith (M&A), Emily Hantverk (M&A) and Jennifer Rangel (Healthcare) led the Firm's representation of Cencora. They were assisted by Partner Eric Rubin (Executive Compensation & Benefits); Partner David Kully (Antitrust); Partners Brandon Bloom and Jiyeon Barta (Tax); Partner Dan Silverboard (Healthcare); Partner Alex Selarnick (Insurance); Parters Meredith Auten and Jeremy Sternberg (Litigation); and Partner Olufunke Leroy (Real Estate).
More information on the transaction can be found here.
Recently recognized by Global M&A Network as Healthcare Law Firm of the Year and by Law360 as a Healthcare Practice Group of the Year, Holland & Knight is the largest healthcare law firm in the United States (Modern Healthcare). The Firm regularly ranks among the leading M&A and private equity law firms in reputable, benchmarking league tables published by Bloomberg, LSEG, Mergermarket, PitchBook and The Deal and was named M&A Law Firm of the Year by M&A Advisor in 2025. Firm lawyers provide sophisticated yet practical advice to healthcare acquirers, targets, sellers, investors and boards of directors and closed nearly 200 healthcare M&A and private equity transactions in 2025. Through the HK Deal Flow℠ program, Holland & Knight further facilitates deal leads for clients and prospective clients by matching acquisition or capital-raising opportunities with buyers and investors.