Thomas Jefferson University and Temple University Enter Exclusive Negotiations
Jefferson to pursue purchase of Fox Chase Cancer Center
Two of Philadelphia’s leading academic and healthcare organizations have signed an agreement that creates an exclusive 90-day window within which to consider and negotiate the acquisition and conduct due diligence by Jefferson of the Fox Chase Cancer Center.
The move opens the door to bring together significant complementary expertise in cancer treatment and breakthrough research to improve patient outcomes across the greater Philadelphia region and beyond.
Leaders from Jefferson, home of the NCI-designated Sidney Kimmel Cancer Center, and Temple, home of Fox Chase, an NCI-designated Comprehensive Cancer Center, have agreed to exclusively negotiate the potential for a transaction over the next 90 days. The intent is to determine if the acquisition of Fox Chase will better serve the needs of cancer patients, the community and each other’s strategic goals. The due diligence period will also include evaluation of the sale of Temple’s interest in Health Partners Plans, a Philadelphia-based managed care health insurer.
"This negotiation period will allow us to better understand how partnering could improve lives for patients throughout Philadelphia and far beyond,” said Stephen K. Klasko, MD, MBA, President of Thomas Jefferson University and CEO of Jefferson Health. “Just imagine the potential of combining the stellar researchers and clinicians of Fox Chase Cancer Center with the outstanding experts at Sidney Kimmel Cancer Center at Jefferson. This could save - and change - lives forever.”
For Temple, this agreement represents the next step in finding a partner that can enhance Fox Chase’s future growth, while strengthening Temple University Health System’s core mission of providing outstanding clinical care to its North Philadelphia community and beyond and maintaining its unique research and educational mission.
“Temple and Jefferson share a home city, a mission and a commitment to caring for cancer patients throughout the region, and Jefferson is an outstanding potential partner,” said Temple President Richard M. Englert. “We are both dedicated to quality health care, safety, service, medical education, research and discovery, and we support the idea of two great Philadelphia institutions coming together to do what’s right for the patients we proudly serve.”
Jefferson and Temple would also enter into a long-term oncology-related academic affiliation agreement that would expand access for Temple residents, fellows and students to academic and research resources.
If the organizations reach agreement, the deal will require federal and state regulatory approval.