Cencora, Inc. announced the acquisition of the retina business of EyeSouth Partners for $1.1 billion, a deal that expands its Retina Consultants of America (RCA) platform and strengthens its position in the high‑margin specialty services segment.
The transaction, finalized on March 21, 2026, will bring EyeSouth’s network of more than 400 retina physicians into RCA’s management‑services organization. The integration is expected to more than double Cencora’s market share in the retina segment, raising its physician base from roughly 300 to over 700 and increasing its footprint across 23 states.
Cencora’s CEO, Robert P. Mauch, said the deal aligns with the company’s strategy to grow high‑margin specialty services and to build a scalable MSO model that can support future biosimilar launches. The acquisition is projected to be slightly accretive to adjusted diluted earnings per share in the first twelve months after closing, net of financing costs.
The company has reaffirmed its fiscal 2026 guidance, noting that the transaction is not expected to close within the current fiscal year and that the guidance does not incorporate the deal’s impact. The acquisition also positions Cencora to capture synergies in drug purchasing, back‑office efficiencies, and technology integration that could boost EBIT in 2027, especially with the anticipated Eylea biosimilar launch.
"Driven by a commitment to empower ophthalmologists, EyeSouth Partners has built a strong regional network of physicians that provides high quality patient care," Mauch said. "By joining RCA, these physicians will become part of an organization with capabilities designed to provide world‑class retina care and be supported by Cencora's longstanding commitment to community physicians."
"We look forward to collaborating with the well‑trained and respected EyeSouth Partners' physicians as we work together to advance sight‑saving treatment for patients," said David Brown, M.D., Chief Medical Officer of RCA.
"We are excited to be joining RCA, which shares our commitment to delivering exceptional care and advancing the fight against blindness. Our physicians will drive expanded access to innovative treatments through RCA's clinical trial and research offerings while continuing to work with EyeSouth Partners to support patient access across the ophthalmology landscape," added Atul Sharma, M.D., EyeSouth Partners Board Member.
Market analysts view the deal as a positive step that expands Cencora’s market share and strengthens its competitive positioning in a high‑growth specialty market. The transaction is seen as a key component of the company’s broader shift from traditional drug distribution to specialty services and global pharmaceutical solutions.
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