Home infusion and specialty infusion pharmacy M&A activity has accelerated meaningfully through 2025 and 2026. Three structural forces — the expanding biologic and specialty drug pipeline, payer preference for lower-cost site-of-care settings, and PE platforms in scale-up mode — have created sustained demand for home infusion, ambulatory infusion, and specialty pharmacy businesses across the country.
For owners of home infusion, ambulatory infusion suite (AIS), and specialty pharmacy platforms, 2026 represents one of the most favorable exit windows of the cycle. This guide covers what sellers should know.
Why Infusion M&A Is Active in 2026
1. Biologic and specialty drug expansion.
The pipeline of injectable and infused biologics, specialty drugs, and rare-disease therapies continues to grow. A meaningful share of these therapies will be administered at home or in AIS settings rather than hospitals.
2. Payer site-of-care steerage.
Commercial payers and Medicare Advantage plans actively steer patients away from hospital outpatient infusion to lower-cost home and AIS settings. This payer preference creates structural demand growth for the home infusion segment.
3. PE consolidation cycle.
Multiple PE platforms have built scaled home infusion and specialty pharmacy businesses, and most remain in active add-on mode. Strategic strategics (Option Care, CVS Coram, BrightSpring) also continue programmatic acquisition.
4. Fragmented mid-market.
Despite consolidation, hundreds of mid-sized regional home infusion and AIS businesses remain independent. The buyer-to-target ratio is favorable.
Working capital benchmarking with inventory methodology
Legally:
Pharmacy and DEA compliance audit
HIPAA and 42 CFR Part 2 review (if applicable)
Manufacturer contract assignment review
Payer contract change-of-control review
How Hendon Partners Helps Infusion Sellers
Hendon Partners advises owners of home infusion, AIS, and specialty pharmacy platforms through preparation, sale process, and close. Our buyer network includes the strategic acquirers and PE platforms most active in infusion M&A in 2026 — and our process design accommodates the technical complexity of pharmacy operations, payer contracts, and accreditation.
Hendon Partners is a specialized healthcare M&A advisory firm with infusion and specialty pharmacy transaction expertise. We advise owners of home infusion, ambulatory infusion suite (AIS), and specialty pharmacy platforms across the United States.
Frequently Asked Questions
What are typical EBITDA multiples for home infusion businesses in 2026?
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Home infusion platforms with $5M+ EBITDA trade at 9x–13x. Smaller home infusion businesses with $2M–$5M EBITDA typically clear 7x–10x. Single-pharmacy operations clear 5x–8x. Specialty infusion focused on rare disease, biologics, or chronic therapy can earn premium multiples for clinical complexity and contract durability.
Who buys home infusion and infusion pharmacy companies?
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The most active buyers are large home infusion strategics (Option Care Health, CVS Coram, BioPlus, Soleo Health, Amerita / PharMerica), specialty pharmacy strategics (BrightSpring, Cardinal Health, McKesson-affiliated), and PE-backed infusion platforms. Multiple PE platforms have built scaled home infusion businesses through aggressive add-on acquisition.
What is driving infusion M&A activity in 2026?
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Three forces: (1) growing biologic and specialty drug pipeline shifting administration to home and AIS settings; (2) payer preference for lower-cost home infusion vs. hospital outpatient infusion; (3) PE platforms in active scale-up mode building national footprints. Demand fundamentals are durable and buyer competition is intense.
What due diligence is unique to infusion pharmacy M&A?
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Infusion diligence focuses on USP 797/800 sterile compounding compliance, accreditation status (URAC, ACHC, JCAHO), state pharmacy licensure across all states served, DEA registration, payer contracts and rate analysis, drug acquisition cost (340B vs. GPO vs. wholesale) and gross-to-net economics, and clinician (RN, PharmD) retention and licensure.
How does ambulatory infusion suite (AIS) economics differ from home infusion?
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AIS centers have higher fixed costs but greater clinical control, easier nursing labor, and growing payer preference for site-of-care steerage. Home infusion has lower fixed costs but higher per-visit nursing intensity. Hybrid platforms combining both models often achieve the best buyer reception and premium multiples.
