Temple University has agreed to sell Fox Chase Cancer Center to Thomas Jefferson University after months of negotiations, the institutions announced on Monday.
The sale was approved by Temple’s Board of Trustees and the Board of Trustees for Thomas Jefferson University, a release said, and will also include Temple’s interest in Health Partners Plan, a local nonprofit health insurance organization.
The details of the sale, including its price, have yet to be released.
“Both institutions stressed that they envision a collaboration that extends far beyond the sale of Fox Chase and HPP, one that seeks a framework for partnership on cancer treatment,” the release said.
The Board of Trustees authorized President Richard Englert to appoint a chief restructuring officer for Temple Health to provide solutions for the system’s financial difficulties as well as a financial adviser to coordinate the Fox Chase sale in June 2018.
Exclusive negotiations for the sale of the Northeast Philadelphia-based cancer center began in January while TUHS eliminated two administrative positions and asked two senior officials at Temple University Hospital to step down, as part of the financial restructuring.
Temple Health System’s long-term financial metrics are weaker in comparison with those of 18 similar nonprofit health systems, The Philadelphia Inquirer reported in March.
“Given all of the uncertainties that have made health care headlines in recent months, we believe that the formation of this collaborative framework is a major step forward for patients, employees, and the public,” Englert said.
“This unique collaboration with one of the state’s premier universities and health systems will present a statewide and national model for coordinated and enhanced access, quality, and clinical experience for patients throughout the community,” said Stephen Klasko, Jefferson’s president.