30-Year Yields Hit 2002 High as Oil Surges Above $100

This week’s deal flow features a major infusion-therapy buyout, a radiopharmaceutical acquisition, and a rare-disease purchase — all with named buyers and disclosed price tags.

CD&R and McKesson to Acquire Option Care Health for $5.8B. Clayton, Dubilier & Rice and McKesson have agreed to acquire Option Care Health, the country’s largest independent provider of at-home and alternate-site infusion services. The deal would take Option Care private. The transaction is expected to close in the first half of 2027. For practice owners in the infusion and specialty-pharmacy space, this deal signals continued private-equity appetite for large-scale, site-of-care-shifting businesses.

GE HealthCare Acquires Sofie Biosciences for $945M. GE HealthCare announced a deal to buy Sofie Biosciences, expanding its radiopharmaceutical manufacturing and distribution capabilities. Sofie specializes in time-sensitive drugs used in PET imaging. The $945M price tag reflects strong demand for nuclear medicine infrastructure, particularly as radioligand therapies gain broader clinical adoption.

Shionogi Pays $2B for IntraBio. Japanese pharma company Shionogi agreed to acquire Texas-based IntraBio, a rare-disease startup with a marketed treatment for two inherited conditions. The $2B deal adds to Shionogi’s growing rare-disease portfolio. IntraBio’s U.S. base and commercial-stage asset made it an attractive bolt-on target.

Intermountain Exits Trinsic Network, UCHealth Takes Full Control. Intermountain Health is stepping back from Trinsic, the clinically integrated network it co-launched with UCHealth in 2023. UCHealth will become the sole owner and operator by December. The exit highlights the difficulty of sustaining multi-system value-based care joint ventures over time.

Markets face a rough stretch this week. Surging oil prices, rising long-term yields, and Middle East tensions are hitting stocks and bonds simultaneously.

30-Year Treasury Yield Returns to 2002 High. U.S. 30-year Treasury yields climbed back to their highest level since 2002. Rising crude oil prices drove the move, as investors priced in faster inflation and the prospect of additional central bank rate increases. Higher long-term yields ripple directly into borrowing costs across the economy — including practice acquisition financing.

Crude Oil Tops $100 on Hormuz Attacks. Escalating attacks on tankers in the Strait of Hormuz pushed oil prices above $100 per barrel. The spike rattled global equity markets, ending a brief stock rally. Emerging-market stocks also halted their advance as the dollar strengthened on safe-haven demand. Europe’s Stoxx 600 fell 0.6%, snapping a three-day winning streak.

U.S. Mortgage Rates Jump to 7.49%. The average U.S. mortgage rate climbed for a seventh consecutive week, reaching 7.49% — the highest level in nearly three years. The sustained rise compounds an already severe affordability problem in the housing market. Meanwhile, higher rates also increase the cost of real estate-tied practice purchases and clinic expansions.

Euro Slides on Fiscal and Political Risk. The euro fell against all G10 currencies as investors worried about European fiscal and political instability. Traders looked beyond the dollar to place bearish bets directly against the common currency. France’s fiscal risks were cited as a particular drag on sentiment.

Ray Dalio Warns of AI Bubble. Billionaire investor Ray Dalio said artificial intelligence has become a “classic bubble” nearing a bursting point. He pointed to rising interest rates and the need to convert paper wealth into cash as key catalysts. His comments added to jittery market sentiment on a day already pressured by oil and yield moves.