Cardinal Health Buys Solaris for $1.9 Billion to Deepen Specialty Care Push

Cardinal Health agreed to acquire Solaris Health for about $1.9 billion in cash, deepening the drug distributor’s push into higher-margin specialty services. The purchase will be executed through Cardinal’s multispecialty management services arm, The Specialty Alliance, which will own roughly 75 percent of the enlarged platform once the transaction closes. Solaris adds a network of more than 750 urology providers operating across some 250 locations in 14 states. Combined with recent deals, Cardinal’s MSO footprint is expected to reach about 3,000 providers in 32 states, broadening its access to community clinicians and ancillary services that support demand for complex medicines. Cardinal plans to fund the deal with a mix of existing cash and new debt and expects it to be slightly accretive to non-GAAP earnings within the first year after completion. The company targets regulatory and physician approvals that would allow the transaction to close by the end of 2025. The acquisition was announced alongside fourth-quarter results that showed revenue of $60.16 billion, short of analysts’ estimates, while adjusted earnings per share edged up to $2.08. Cardinal nudged its fiscal-2026 profit forecast to $9.30–$9.50 a share, yet its stock fell nearly 6 percent in early trading.