HCA Healthcare and the McKesson Corporation are forming a joint venture between their respective oncology research arms Sarah Cannon Research Institute and US Oncology Research.
The subsidiaries of the two health care giants will work together to offer an expanded clinical research network, according to release.
Following the close of the transaction, McKesson will own 51 percent of the joint venture and have operating control. The transaction is set to close this year, and financial terms of the agreement were not disclosed. McKesson’s US Oncology Network and HCA Healthcare’s cancer network, Sarah Cannon Cancer Institute, are not part of the transaction and will continue to operate independently of the joint venture.
Dee Anna Smith, current CEO of Sarah Cannon Cancer Institute, will also serve as CEO for the yet-unnamed company. Howard A. “Skip” Burris III, who holds executive roles in both Sarah Cannon and its research institute, will serve as president. USOR will fill the organization’s chief medical officer and chief scientific officer slots.
According to the release, desired outcomes of the partnership include accelerating drug development, improving access to clinical trials for providers, and improving data and analytics to better match patients trials, including those in underserved communities.
“Clinical research and partnerships are fundamental to how we address our communities’ most pressing healthcare needs,” said Sam Hazen, chief executive officer of HCA Healthcare. “We believe this joint venture with McKesson, which unifies our oncology research experts, will promote the development of individualized therapies and provide more opportunities for cancer patients to receive new treatments.”
The Nashville Business Journal reported that the two companies were negotiating a deal earlier this month.