McKesson: Acquires Ophthalmology Asset as Firm Eyes Expanding Specialty Solutions Outside Oncology

Narrow-moat McKesson announced its agreement to acquire a controlling 80% interest in PRISM Vision for approximately $850 million. PRISM is an administrative services organization on the US East Coast that supports ophthalmology and retina practices and comprises seven ambulatory surgery centers and over 90 office locations. We have not made any changes to our model and maintain our $530 per share fair value estimate, but management has noted that the acquisition is expected to add $0.20-$0.30 in adjusted EPS in the first 12 months of closing.