Temple and Jefferson Sign Definitive Agreement For Sale of Fox Chase Cancer Center to Jefferson and to Create Broad Affiliation
PHILADELPHIA, Dec. 18, 2019 /PRNewswire/ -- Temple University and Thomas Jefferson University today announced that the two institutions have entered into a binding Definitive Agreement for the acquisition by Jefferson of Fox Chase Cancer Center (FCCC), as well as Temple’s Bone Marrow Transplant program.
Both institutions have emphasized that they envision collaborations that extend far beyond the acquisition, including creating a framework for partnership on cancer discovery and treatment, caring for the underserved, driving innovation, and increasing educational opportunities for students at both universities.
With the Definitive Agreement in place, Temple and Jefferson will proceed with an integration-planning process to complete the transaction, expected to occur in the spring of 2020. The Definitive Agreement comes after Jefferson, home of the NCI-designated Sidney Kimmel Cancer Center, and Temple, home of Fox Chase, an NCI-designated Comprehensive Cancer Center, announced in January 2019 that they had entered exclusive negotiations.
“Health care is on the cusp of a revolution and it will require creative partnerships to have Philadelphia be a center of that transformation,” said Stephen K. Klasko, MD, MBA, President of Thomas Jefferson University and CEO of Jefferson Health. “For Jefferson, our relationship with Temple will accelerate our mission of improving lives and reimagining health care and education to create unparalleled value.”
With the signing of the Definitive Agreement Jefferson and Temple will engage more fully in pursuit of additional avenues for cooperation, including:
“Today’s announcement launches a collaboration that will benefit patient treatment and medical education at both Temple and Jefferson for years to come,” said Temple President Richard M. Englert. “The sale of Fox Chase brings together significant complementary expertise in cancer treatment and breakthrough research to serve the needs of patients across the region. At the same time, it will allow Temple the opportunity to invest even greater resources in the service of our core mission to the North Philadelphia community.”
Both Fox Chase and the Sidney Kimmel Cancer Center have great expertise in treating the most difficult-to-treat cancer cases and, through this acquisition, will collectively have one of the largest Bone Marrow Transplant programs on the East Coast.
“Fox Chase Cancer Center has a rich history, world-class researchers, clinicians and staff who give hope to some of the most vulnerable citizens in Philadelphia who have been diagnosed with cancer,” Klasko added. “Sidney Kimmel Cancer Center is thrilled to welcome our new colleagues into our expanding family.”
In a separate agreement, Jefferson and Temple have agreed to transition Temple’s membership interest in Health Partners Plan, a Philadelphia-based managed care program, to Jefferson. The finalization of the transition of Temple’s membership interest is subject to a number of closing conditions, including the approval of Health Partners Plan. A closing date for the transition has not yet been determined.
Financial terms for the deals will not be disclosed at this time.
Additional statements available for quotation:
Richard I. Fisher, MD, President and CEO; The Robert C. Young, MD, Chair in Cancer Research; Fox Chase Cancer Center:
“This merger joins two historic Philadelphia institutions for the common purpose of leadership in world-class patient care and cutting-edge research in cancer. Our combined talents and resources will usher in an era of scientific breakthroughs and saved lives across the Philadelphia region.”
H. Richard Haverstick, Jr., Chairman, Thomas Jefferson University Board of Trustees:
“This is an exciting step forward for our institutions, and while there is much we will explore in the coming months, we can say with certainty that Jefferson and Fox Chase share the same philosophy in terms of service and commitment to our patients. We both have exceptional reputations that will be the foundation for our mission to deliver value-based care efficiently and effectively.”
Karen E. Knudsen, MBA, PhD, Executive Vice President, Oncology Services, Jefferson Health; Enterprise Director, Sidney Kimmel Cancer Center; Chair and Hilary Koprowski Endowed Professor, Department of Cancer Biology:
“Integration of these two exceptional NCI-designated centers will have a significant impact, both regionally and nationally. Both centers are highly ranked and serve as home to national leaders in cancer detection, prevention, and management. The combined center will accelerate the pace of discovery, and translate into improved outcomes for cancer patients in Philadelphia and beyond.”
Mitchell L. Morgan, Esq., Chairman, Temple University Board of Trustees: “This agreement is the right thing to do for Fox Chase and for Temple. It will combine the skills and resources of two of the nation’s leading cancer centers, which will benefit cancer research and treatment for patients throughout the region and beyond. And it will strengthen Temple’s ability to serve its core mission of providing high-quality health care to our North Philadelphia community.”
View original content to download multimedia: http://www.prnewswire.com/news-releases/temple-and-jefferson-sign-definitive-agreement-for-sale-of-fox-chase-cancer-center-to-jefferson-and-to-create-broad-affiliation-300977112.html
SOURCE Thomas Jefferson University