Why Option Care Health Stock Skyrocketed on Tuesday

OPCH jumped Tuesday after agreeing to be acquired by MCK and private equity firm Clayton, Dubilier & Rice (CD&R) for $32.05 per share in cash-equivalent terms, valuing Option Care Health at roughly $5.8 billion. The offer carries a 37% premium to Monday's closing price.

The structure is unusual. CD&R will hold 51% of the company, while MCK retains 49%. A framework in the agreement allows MCK to acquire CD&R's stake in the future, giving the drugmaker distributor a potential path to full ownership without paying for 100% today.

The transaction is expected to close in the first half of 2027, a long runway of more than a year. Interpretation: that timeline leaves shares exposed to deal-risk repricing, since any regulatory or financing hiccup would be felt over a long holding period. The 37% premium sets the reference point for where OPCH should anchor relative to the $32.05 offer price.

Interpretation: the split ownership suggests MCK is taking a measured entry rather than a full buyout, while CD&R carries majority control during the initial phase. The future-acquisition framework is the detail that could matter most for MCK holders over time.