Jefferson University and Temple University have called off the planned acquisition of Fox Chase Cancer Center by Jefferson because of the “devastating economic impact” of COVID-19.
The organizations announced the termination of the transaction late Tuesday, May 5, stating the decision was amicable.
“This transaction is the latest casualty of Covid-19,” said Dr. Stephen K. Klasko, president of Thomas Jefferson University and CEO of Jefferson Health. “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.”
Temple President Richard M. Englert said if not for the “catastrophic economic impact of the virus,” both institutions were prepared to move forward to complete the transaction, which still required regulatory approval.
“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,” Englert said.
Temple and Jefferson had reached a definitive agreement in December covering the sale of Fox Chase Cancer Center, which has been part of the Temple health system since 2011. Financial terms of the deal were not disclosed.
Full Content: Biz Journal
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