12:35 PM EDT, 09/20/2024 (MT Newswires) -- Cardinal Health ( CAH ) agreed to buy Integrated Oncology Network for $1.12 billion in cash, as part of its efforts to strengthen its specialty and oncology portfolio.

The transaction is estimated to be accretive to Cardinal's adjusted earnings on a per-share basis after 12 months of completion. The company did not provide an expected closing timeline for the deal, which requires approval from regulators.

Integrated Oncology Network, a physician-led independent community oncology network, has more than 50 practice sites in 10 states. Cardinal expects the acquisition to expand its suite of clinical and practice management solutions.

"With their proven model providing extensive support of community oncology across the cancer care continuum and healthcare ecosystem, we're confident Integrated Oncology Network will further accelerate our oncology strategy and enable us to create value for providers and patients," Cardinal Chief Executive Jason Hollar said in a statement.

As part of the deal, the network's practices will become members of Cardinal's oncology practice alliance, Navista.

The partnership will enable community practices to make a positive impact on patient outcomes, Integrated Oncology Network CEO Barry Tanner said.

Earlier in the year, drug distributor Cardinal purchased Specialty Networks. Integrated Oncology Network's practices will have access to Navista's analytics capabilities that leverage artificial intelligence and expertise from Specialty Networks, Cardinal said Friday.

Last month, Cardinal reported fiscal fourth-quarter results that exceeded market estimates, prompting it to lift its full-year earnings outlook in a range of $7.55 to $7.70 per share.

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