publication date: Jan. 18, 2019
Thomas Jefferson University vying to acquire venerable but troubled Fox Chase Cancer Center
By Paul Goldberg
Thomas Jefferson University is vying to acquire Fox Chase Cancer Center from its current owner, Temple University, the two institutions announced Jan. 10.
In a joint statement, Jefferson and Temple said they 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.”
No cancer center carrying an NCI designation has ever been sold on open market.
Fox Chase, which has the highest level of NCI designation—that of a compreheansive cancer center—was sold to Temple in 2012 for $84 million. Fox Chase was in financial distress at that time, and this was more of a rescue than a sale. Multiple bids were not formally sought at that time.
Officials at Jefferson and Temple declined to comment for this story, but the publicly known contours of the deal and its context provide answers to some questions and raise many more, bolstering the sense that the drama now getting a rolling start in Philadelphia will touch upon some of the most important pillars in today’s oncology.
Any agreement Jefferson and Temple may reach would be subject to federal and state regulatory approval.
NCI officials, too, said they are monitoring the situation.
“NCI leaders are aware that Thomas Jefferson University and Temple University announced that they are entering a 90-day period to negotiate an acquisition of Fox Chase Cancer Center,” an NCI spokesperson said to The Cancer Letter. “As details of the proposed acquisition are determined, NCI staff will work with both TJU … Continue reading Thomas Jefferson University vying to acquire venerable but troubled Fox Chase Cancer Center
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