U.S.-drug distributor McKesson (NYSE:MCK) and hospital operator HCA Healthcare (NYSE:HCA) are planning to form a joint venture combining their respective research arms to create a fully integrated oncology research organization.
The proposed JV would aim to expand clinical research services to improve cancer treatment options for patients, the companies said in a statement on Thursday.
The JV would combine MCK’s US Oncology Research (USOR) and HCA’s Sarah Cannon Research Institute (SCRI).
USOR is the research arm of MCK’s The US Oncology Network, drawing from a network of experienced investigators and clinical staff who specialize in oncology trials.
SCRI, which is the research arm of HCA’s cancer institute, offers clinical trial site support services with an expertise in early-phase oncology research and drug development, as well as operating as a specialized contract research organization.
The deal is expected to close this year, following which, MCK will own 51% of the JV and have operating control.
SCRI’s Dee Anna Smith will serve as the JV’s CEO, while USOR’s Robert Coleman will become the JV’s chief medical officer.
MCK also separately said it would acquire Genospace, SCRI’s personalized medicine platform. Financial terms of the deal were not disclosed.
HCA stock was 2.5% higher at $181 in premarket trading, while shares of MCK were unchanged.