Temple and Jefferson nix Fox Chase sale

Economic fallout from the COVID-19 pandemic is to blame for the sale being cancelled, both universities announced.

Jefferson University's planned acquisition of Fox Chase Cancer Center will no longer proceed amid financial stress due to the COVID-19 pandemic. | TEMPLE UNIVERSITY HOSPITAL / COURTESY

Temple University and Thomas Jefferson University are ending their agreement to sell Fox Chase Cancer Center to Jefferson due to “the devastating economic impact of COVID-19,” Temple announced today.

The deal initially was set to be finalized this spring, The Temple News reported. Also included in the sale was Temple’s interest in Health Partners Plan, a local nonprofit health insurance organization, whose fate is unclear.

“This transaction is the latest casualty of COVID-19,” said Stephen K. Klasko, the president of Jefferson University, in a statement. “Because of the tremendous impact that the virus has had on our operations, Jefferson must focus entirely on providing patient care and safety, student education and safety, and the well-being of our dedicated employees.” 

“There is no question that but for the catastrophic economic impact of the virus, both institutions were prepared to move forward to complete this transaction,” said Temple President Richard Englert. “We fully understand and accept this reality, and we look forward to identifying new ways for our institutions to work together in the future to better serve our community.”

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