Under the terms of the agreement, the organizations will collaborate to improve patients’ access to care, services and clinical trials. They will also work together to advance their medical research. Both organizations will remain independent and retain their own medical staff.
The deal is subject to regulatory approval, which officials expect to take approximately six months, according to an emailed news release. If approved, the organizations will create a separate parent organization and board of directors to govern the entity.
The financial terms of the transaction were not revealed.
“While both Torrance Memorial and Cedars-Sinai have strong track records for serving the region, the governance structure of the proposed affiliation is designed to foster collaboration and share resources to further enhance those capabilities to benefit patients and the community,” said Thomas Priselac, president and CEO of Cedars-Sinai Medical Center.
More articles on transactions and valuations:
Molina Healthcare affiliates with 130-member New York physician practice
Healthcare Trust of America closes on $150M portfolio for medical office buildings in Arizona, California
Houston Methodist, Evolent Health partner to improve health of Medicare patients
