The two institutions initially proposed a merger agreement in June 2015. But after a federal judge granted an injunction in September to put the merger on hold pending a hearing before the Federal Trade Commission, the health systems jointly decided to call off the merger.
Penn State Health CEO Craig Hillemeier, MD, said the medical center remains committed to pursuing new opportunities to form collaborations and partnerships with hospitals and health systems “primarily focused in central Pennsylvania,” according to the article.
While disappointed the merger did not go through, Dr. Hillemeier said Penn State Hershey is still a lucrative entity to merge with. He noted in an interview with Penn Live the institution’s medical school is near the top in terms of the number of applicants it received. He also said the medical center received an all-time high in research funding last year, totaling nearly $110 million.
Dr. Hillemeier said the medical center also worked extensively with PinnacleHealth to create the corporate entity Penn State Health, which still exists, and will make it “easier for Hershey to enter into agreements with other healthcare organizations,” according to the article.
More articles on transactions and valuations:
Beth Israel, Lahey back in merger talks for the 4th time
Mosaic Health Solutions, Cambia Health Solutions create new joint venture
Louisiana, Ochsner Health System partner for free medical assistant training
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
