Thomas Jefferson University has Agreed to Acquire Fox Chase Cancer Center and Membership Interest in Health Partners Plans
February 6, 2020
Thomas Jefferson University (“Jefferson”), a non-profit corporation with an academic-community health system consisting of 14 hospitals and a robust outpatient network in Pennsylvania and New Jersey, has agreed to acquire Fox Chase Cancer Center (“FCCC”) and membership interest in Health Partners Plans (“HPP”) from Temple University (“Temple”). The acquisition of FCCC is expected to close in the spring of 2020.
FCCC is a leading cancer research and treatment center in the United States. The 100-bed specialty hospital is one of 49 NCI-designated Comprehensive Cancer Centers based on its breadth and depth of research as well as a substantial focus on transdisciplinary research bridging the areas of basic, clinical, and population science.
HPP is a top-ranked health plan focused on underserved communities in eight counties in Pennsylvania, representing more than 277,000 Managed Medicaid, Medicare Advantage, and CHIP members.
The acquisition of FCCC by Jefferson will create new avenues for cancer treatment and research by combining two national and regional healthcare providers. Upon closing, Jefferson will assume Temple’s interest in HPP toward the goal of working with the current owner partners (Einstein, Temple and Jefferson) as well as the community to provide the best and most seamless continuum of care for the expanding Medicaid and Medicare Advantage population across the city and region.
Jefferson and Temple envision a broad-based collaboration that extends beyond these acquisitions, one that seeks a framework for partnership on cancer treatment, caring for the underserved, innovation, and increasing educational opportunities for students at both schools to benefit from programs and services at each institution.
Cain Brothers served as financial advisor to Jefferson.