Cencora, Inc. is expanding Retina Consultants of America (RCA) with an expected billion-dollar acquisition of EyeSouth Partners’ retina business.
That’s a hefty price tag … first, let’s get a look at the players involved.
We’ll start with Cencora (formerly AmerisourceBergan before its 2023 rebrand), a global pharmaceutical solutions organization with a platform of pharma and biopharma services.
- In the ophthalmic space, Cencora distributes pharmaceuticals, surgical supplies, and clinical products for retina, glaucoma, and surgical practices.
As for Retina Consultants of America: This is one of the largest management service organizations (MSOs) of U.S. retina specialists that supports a network of nearly 300 specialists across 23 states.
Its business model: Allows physician to retain clinical ownership and control while RCA provides non-clinical management (such as contracting, growth, and esearch infrastructure)
- To note: Cencora purchased an estimated 85% interest in RCA in early 2025 as part of a $4.6 billion acquisition, with physicians and management retaining minority equity.
Isn’t RCA also involved in research endeavors?
Indeed. In fact, the organization refers to its retina research program as the largest in the nation, running retina-based clinical trials (from early-stage to late-stage drug developments).
With a network of investigators, participants, and standardized practices, RCA Research covers topics such as diabetic retinopathy (DR), age-related macular degeneration (AMD), geographic atrophy (GA), and retinal vein occlusion (RVO).
Through this program:
- For sponsors (pharma companies and clinical research organizations): RCA provides more standardized protocols and faster trial enrollments.
- For providers: RCA enables collaborations on eligibility screening and study enrollments, patient referrals for trials, and potential participation as trial investigators
- For patients: RCA offers enrollment opportunities in active trials and access to new or investigational treatments
See its research locations around the United States.
And EyeSouth Partners?
This is a private equity-backed MCO with a network of integrated eyecare practices across the country—roughly 400+ eyecare providers (ECPs) at 276 locations in 14 states.
- Its services extend to the business and operational side of practices, with a physician-led model centered around “local partnership opportunities with leading ophthalmologists.”
In EyeSouth’s own words: “We seek business partners who wish to maintain their own brand and clinical autonomy, while benefiting from technology investments, along with exceptional operational and administrative support.”
Explain its retina division.
This is a subspecialty segment of EyeSouth’s business encompassing retina-focused practices and their affiliated specialists.
See here for a look at some of these affiliates, including:
- Houston Retina Associates
- Retina Institute of Illinois
- Retina and Vitreous of Texas
- University Retina and Macula Associates
- Georgia Retina
So … what’s the plan for this acquisition?
The intent: For EyeSouth’s affiliated retina practices to join RCA—gaining access to the MSO’s business model, affiliated practice network, and its research program’s clinical trial offerings.
And in regard to that monetary value mentioned earlier?
Oh yes … the billion-dollar price tag of $1.1 billion.
Take note: Cencora is expecting the deal to slightly increase its earnings per share (after financing costs) within the first year after the deal closes.
… and when might that be?
Subject to customary closing conditions, the deal isn’t expected to close before Sept. 30.