Temple and Jefferson Sign Definitive Agreement For Sale of Fox Chase Cancer Center to Jefferson and to Create Broad Affiliation
Agreement centers on cancer research and treatment, underserved care, academic collaborations, and strategic ventures to drive Philadelphia as hub for health innovation
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:
- Implementing a long-term oncology affiliation agreement that expands access to academic and resources for Temple residents, fellows, and students;
- Enhancing education for students at both universities in engineering, business and emerging professions;
- Accelerating their efforts to address the social determinants of health through the combined service areas of both institutions;
- Working together to increase diversity in applicants to medical school and identify shared learning opportunities across both renowned medical colleges; and
- Collaborating on health care innovation focused on using emerging technologies like telehealth to move healthcare closer to home.
“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.