Fox Chase Cancer Center, 333 Cottman Avenue, Philadelphia, PA
PHILADELPHIA, PA—Thomas Jefferson University is continuing an aggressive acquisition strategy with the announcement that it has entered an agreement with Temple University for exclusive talks that could sell Fox Chase Cancer Center to Jefferson.
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,” says 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.
Jefferson Health is the largest provider of healthcare in Philadelphia. Its recent acquisitions have included Einstein Health and Kennedy Health in South Jersey.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
