Thomas Jefferson University and Temple University Enter Exclusive Negotiations
PHILADELPHIA, /PRNewswire/ -- 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.
Jefferson, located in the greater Philadelphia region and southern New Jersey, is reimagining health care and education to create unparalleled value. Jefferson is 30,000 people strong, dedicated to providing the highest-quality, compassionate clinical care for patients, preparing tomorrow's professional leaders for 21st century careers, and discovering new treatments to define the future of care. Jefferson (Philadelphia University + Thomas Jefferson University), home of the Sidney Kimmel Medical College, dates back to 1824 and today comprises 10 colleges and three schools offering 160 undergraduate programs and more than 7,800 students. Jefferson Health serves patients through millions of encounters each year at 14 hospitals and over 40 outpatient and urgent care locations throughout the region.
About Temple University Health System
Temple University Health System (TUHS) is a $2.1 billion academic health system dedicated to providing access to quality patient care and supporting excellence in medical education and research. The Health System consists of Temple University Hospital (TUH), ranked among the "Best Hospitals" in the region by U.S. News & World Report; TUH-Episcopal Campus; TUH-Northeastern Campus; Fox Chase Cancer Center, an NCI-designated comprehensive cancer center; Jeanes Hospital, a community-based hospital offering medical, surgical and emergency services; Temple Transport Team, a ground and air-ambulance company; and Temple Physicians, Inc., a network of community-based specialty and primary-care physician practices. TUHS is affiliated with the Lewis Katz School of Medicine at Temple University, and Temple University Physicians, which is Temple Health's physician practice plan comprised of more than 500 full-time and part-time academic physicians in 20 clinical departments.
The Lewis Katz School of Medicine (LKSOM), established in 1901, is one of the nation's leading medical schools. Each year, the School of Medicine educates more than 800 medical students and approximately 240 graduate students. Based on its level of funding from the National Institutes of Health, the Katz School of Medicine is the second-highest ranked medical school in Philadelphia and the third-highest in the Commonwealth of Pennsylvania. According to U.S. News & World Report, LKSOM is among the top 10 most applied-to medical schools in the nation.
Temple Health refers to the health, education and research activities carried out by the affiliates of Temple University Health System (TUHS) and by the Katz School of Medicine. TUHS neither provides nor controls the provision of health care. All health care is provided by its member organizations or independent health care providers affiliated with TUHS member organizations. Each TUHS member organization is owned and operated pursuant to its governing documents.
SOURCE Thomas Jefferson University