Thomas Jefferson University will no longer purchase the Fox Chase Cancer Center from Temple University due to the "devastating economic impact of COVID-19."
The two Philadelphia-based institutions had announced a deal reached last July for Thomas Jefferson University to acquire the cancer center from Temple after six months of negotiating.
But due to the financial impact of COVID-19, both parties agreed to terminate the deal, according to a news release from Jefferson Health.
Stephen Klasko, MD, CEO of Jefferson Health, said the deal is a "casualty of COVID-19."
"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 for the well-being of our dedicated employees," Dr. Klasko said.
Richard Englert, president of Temple University, said: "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. 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."