Cardinal will acquire Solarius for $1.9 billion.
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The Specialty Alliance, Cardinal Health’s multi-specialty management services organization (MSO) platform, will acquire Solaris Health.¹ According to the announcement, Cardinal will provide The Specialty Alliance with about $1.9 billion in cash to take ownership of the urology MSO. This marks the latest acquisition made by Cardinal in the urology space.

What role will Solaris play as part of The Specialty Alliance?

In a press release, Cardinal Health CEO Jason Hollar said, “Accelerating Specialty growth remains our top priority. As we previously highlighted, urology is an attractive specialty for us, and we are well-positioned to meet the comprehensive needs of community urologists through the robust combined capabilities of The Specialty Alliance, Specialty Networks and Cardinal Health."

The transaction is expected to close by the end of 2025. Upon closing, Solaris Health’s CEO Gary Kirsh, MD, is expected to step down from his position and join Cardinal as a senior advisor.

"Joining The Specialty Alliance's Urology Alliance strengthens our ability to deliver exceptional, patient-centered care through a physician-led, national platform," said Kirsh said in Cardinal’s announcement. "This partnership expands our collaborative network of urology providers, allowing physicians to optimize care delivery and enhance patient access to specialized services in their local communities."

Chrisitan Chauvet, a partner at Lee Equity, added, “Lee Equity would like to thank Dr. Kirsh for his visionary leadership and congratulate him on building the leading platform in urology. Dr. Kirsh has been a steadfast champion of independent medicine for his entire career, and we are proud to see Solaris Health and its exceptional physician base continue this legacy by joining the Urology Alliance."

Cardinal will finance the acquisition using a combination of cash-on-hand and new debt financing. The stated plan is to pay down the new debt over following 18-to-24 months.

James Weber, MD, CEO of The Specialty Alliance, said in the announcement, “The formation of our Urology Alliance within The Specialty Alliance marks a significant step in expanding our multi-specialty model to meet patient needs across more communities. As a physician, I know firsthand that integrated, coordinated care is critical to improving outcomes. By bringing Solaris Health's leading urology network into our platform, we're helping specialty providers focus more of their time and energy where it matters most, on their patients. Together, we're advancing a model that empowers physicians and prioritizes the highest standards of care."

The acquisition announcement comes on the heels of Cardinal’s fourth quarter and fiscal year 2025 financial reports.² The company saw increased revenue, which is attributed to recent acquisitions offsetting the expiration of the company’s contract with OptumRx.

According to the announcement, Cardinal’s revenue for fiscal year 2025 were $222.6 billion, which is a slight decrease from 2024. When the OptumRx contract impact is excluded, however, revenue increased by 18%. Earning for the fourth quarter fiscal year 2025 were flat with the same quarter in 2024 at about $60.2 billion. During this time period, revenue increase 21%, excluding the contract expiration impact.

In a press release, Hollar said, “"Fiscal 2025 was a transformative year for Cardinal Health, and we closed the year with momentum, delivering strong fourth quarter results. The broad-based operational strength, with all five of our operating segments growing profit double-digits, reflects the disciplined execution of our strategy and our investments for growth. We enter Fiscal 2026 with confidence, evidenced by our increased financial outlook, as we continue to evolve towards reaching our full potential."

Sources

1. Cardinal Health announces the addition of Solaris Health, the country's leading urology MSO, to The Specialty Alliance. Cardinal Health. August 12, 2025. https://newsroom.cardinalhealth.com/2025-08-12-Cardinal-Health-announces-the-addition-of-Solaris-Health,-the-countrys-leading-urology-MSO,-to-The-Specialty-Alliance
2. Cardinal Health Reports Fourth Quarter and Fiscal Year 2025 Results and Raises Fiscal Year 2026 Guidance. Cardinal Health. August 12, 2025. https://newsroom.cardinalhealth.com/2025-08-12-Cardinal-Health-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Results-and-Raises-Fiscal-Year-2026-Guidance