Temple University has sold the Fox Chase Cancer Center and its share of the insurer Health Partners Plans to Thomas Jefferson University. Both board directors have approved the transaction. The final price was not disclosed. The deal could take more than a year after a final agreement is reached. The deal requires Jefferson to pay cash.
The deal will expand the scope of the Center City Institution from three hospitals to 18 since 2015. Jefferson has also acquired Philadelphia University. According to Temple president Richard M. Englert, the acquisition strengthens Temple’s financial situation as well as increases the focus on population health, community health, and a long-term relationship with an outstanding community.
Fox Chase had $12.4 million in operating income on $488 million in revenue in fiscal 2018, according to Temple Health’s audited statement. It has 100 beds in its hospital and employs about 2,000 people.
Fox Chase Cancer Center became part of the Temple University Health System in 2012. Fox Chase Cancer Center is the home of Nobel laureates and was the center of the research that identified the Philadelphia chromosome. This discovery led to the development of the field of cancer genetics and the development of Gleevec, which has extended the lives of thousands of patients with chronic myeloid leukemia.
Thomas Jefferson University was founded in 1824 as Jefferson Medical College, and Philadelphia University was founded in 1884 as the Philadelphia Textile School. Both were ahead of their time and focused on the importance of experiential learning. The new Jefferson (Philadelphia University and Thomas Jefferson University) was established on July 1, 2017 as a result of a merger of the universities.
This was reported by The Philadelphia Inquirer on July 29, 2019.
Contact information: Fox Chase Cancer Center, 333 Cottman Avenue, Philadelphia, Pennsylvania 19111-2497; 888-396-2427; Website: https://www.foxchase.org/
Contact information: Thomas Jefferson University Center City Campus, 130 South Ninth Street, Philadelphia, Pennsylvania 19107; 215-503-8890; Website: www.jefferson.edu