Q4 2025 Multisite Provider Services Update
Subsector Spotlight: Oncology
M&A activity in Q4 remained active, supported by ongoing consolidation among scaled platforms and sustained demand for community-based cancer care. Strategic buyers continued to play an important role during the quarter, highlighted by Cencora’s plan to acquire TPG’s remaining equity interest in OneOncology in Q1 2026, reflecting a broader push toward vertical integration across oncology care delivery, drug distribution, and practice management.
OneOncology distinguished itself as the quarter’s most active consolidator, successfully executing a market-density strategy through disciplined add-ons. This momentum signals a busy 2026, with several high-profile acquisitions expected and community practices maintaining aggressive valuation levels.
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