Jefferson University and Temple University have ended their deal to buy the Fox Chase Cancer Center (FCCC) due to the economic impact of the coronavirus pandemic, both schools announced Tuesday.
“This transaction is the latest casualty of COVID-19,” Stephen K. Klasko, MD, MBA, President of Thomas Jefferson University and CEO of Jefferson Health, said.
“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.”
Founded in 1904 and located in Philadelphia’s Fox Chase neighborhood, the FCCC is one of the nation’s first cancer hospitals.
In December, Jefferson and Temple announced they had entered a binding definitive agreement to purchase the FCCC as well as Temple’s Bone Marrow Transplant program. On Tuesday, both sides confirmed that the termination of the deal was amicable.
“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,” Temple President Richard M. 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.”