McKesson announced that it signed a definitive agreement to buy an 80% controlling interest for about $850 million in PRISM Vision Holdings, a provider of general ophthalmology and retina management services, from Quad-C. PRISM Vision physicians will retain a 20% interest in the company.
This deal will enable McKesson to deliver on several key strategic objectives:
1.) Develop a leading retinal and ophthalmology platform, expanding McKesson’s differentiated value proposition, clinical services, and distribution offerings. And PRISM affiliated practices include more than 180 providers, 91 office locations, and seven ambulatory surgery centers
2.) Expand data and analytics capabilities
3.) Further investment in clinical research opportunities
4.) Deepen biopharma partnerships
After the deal’s completion, PRISM Vision will be consolidated within McKesson’s U.S. Pharmaceutical segment. The deal is subject to customary closing conditions, including necessary regulatory clearances. Upon closing of the deal, PRISM Vision is anticipated to be approximately $0.20 to $0.30 accretive to McKesson’s Adjusted Earnings Per Diluted Share in the first 12 months and $0.65 to $0.75 accretive by the end of the third year following the close of the deal.
KEY QUOTES:
“The acquisition of PRISM Vision will allow McKesson to build on our leadership in community practice and specialty solutions, while building a platform to serve the high-growth area of retina and ophthalmology. PRISM Vision has a strong track record and value proposition for community-based physicians and a strong leadership team focused on delivering superior retinal care, enhancing the provider experience and delivering innovative clinical research capabilities. We intend to develop a leading platform for retinal care, delivering differentiated solutions and value across providers, biopharma partners and patients. McKesson has a long track record of leading practice management and clinical research outcomes with our differentiated Oncology platform, and we are excited to leverage this expertise to serve the high-growth area of retina and ophthalmology. This will allow us to expand our suite of solutions and continue to pursue our purpose of advancing health outcomes for all.”
- Brian Tyler, chief executive officer of McKesson
“McKesson’s long history of supporting specialty physicians by emphasizing clinical quality and enhancing patients’ access to care, is completely aligned with the core values and culture of PRISM Vision Group. We are thrilled to be able to bring together PRISM’s exceptional provider base and service delivery platform with McKesson’s deep expertise in care delivery to further develop and expand our eye care network together.”
- Dr. Steven Madreperla, chief executive officer of PRISM Vision
