After nearly a year of negotiations, Temple University and Thomas Jefferson University announced last week that a binding agreement has been reached over the sale of Fox Chase Cancer Center.
Jefferson will acquire FCCC, and the sides expect the deal will be finalized in the spring, according to a joint statement. Financial details were not disclosed.
Temple and Jefferson had been in exclusive talks since January, and they announced an informal agreement in July.
With a definitive agreement in place, the universities said they will move forward in planning the transition. The deal is part of a larger collaboration between the two institutions.
“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,” Jefferson President Stephen Klasko said in the statement.
Temple took control of FCCC, a National Cancer Institute-designated center, in 2012 and began publicly floating the idea of selling the hospital in summer 2018, citing financial difficulties with the university’s health system.
“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,” Temple President Richard Englert said in the announcement.
“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,” he added.
Jefferson will be able to couple FCCC with its Sidney Kimmel Cancer Center, another NCI-designated facility.
As previously reported by the Times, Temple had also been considering the possibility of selling Jeanes Hospital, which is adjacent to FCCC and Burholme Park. However, Jeanes was not part of the exclusive negotiations with Jefferson and remains part of Temple Health.
For Jefferson, FCCC will be its third major medical center in the Northeast, following the acquisition of Aria’s hospitals in Frankford and Torresdale in 2016. ••