Temple is moving closer to finalizing its sale of Fox Chase Cancer Center to Thomas Jefferson University, the university announced Wednesday.
In a release, Temple and Jefferson announced a binding definitive agreement to transfer the ownership of Temple’s bone marrow transplant program and Fox Chase to Jefferson.
The two universities initially announced the sale in July after approximately five months of exclusive negotiations. Both parties have yet to disclose the sale price.
The sale of Fox Chase and its Bone Marrow Transplant Program is expected to be finalized next spring. The date for Jefferson’s acquisition of Temple’s interest in Health Partners Plan, a local nonprofit health insurance organization, has yet to be decided given that HPP must approve the sale as well, as per the release.
Combined, Jefferson’s Sidney Kimmel Cancer Center and Fox Chase Cancer Center will be one of the largest bone marrow transplant programs on the East Coast, according to the release.
The two universities intend to collaborate on cancer treatments, research, and educational opportunities for students in the future, the release said.
“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,” said Richard Englert, president of Temple University. “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.”
“For Jefferson, our relationship with Temple will accelerate our mission of improving lives and reimagining health care and education to create unparalleled value,” said Jefferson President Stephen Klasko, according to the release.