Reporting Pat Loeb
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By Pat Loeb
PHILADELPHIA (CBS) – Temple University Health System will take over Fox Chase Cancer Center, under an agreement announced Thursday.
Temple will acquire the prestige of owning one of only two National Cancer Institute-designated cancer centers in the city and Fox Chase will get an infusion of cash for research and expansion
Fox Chase was shot down a few years ago when it tried to expand into Burholme Park. Now that its going to be part of Temple, which owns neighboring Jeanes Hospital, it will have plenty of room to expand, according to Temple Health Systems CEO Larry Kaiser.
“A natural byproduct of our new agreement is the creation of a contiguous 47 1/2 acre site to serve as Temple’s cancer hub on the Jeanes-Fox Chase campus.”
Kaiser says Temple will also invest nine million dollars in research and Fox Chase CEO Michael Seiden talked about the synergy that will be created when the institutions blend functions such as information technology.
“We looked at this really quite simply as to whether this affiliation would help us prevail over cancer.”
The two are shooting for a July first closing, pending approvals from state agencies and the banks providing financing.