City of Hope to acquire Cancer Treatment Centers of America for $390 million
City of Hope announced Wednesday that it has entered a definitive agreement to acquire Cancer Treatment Centers of America.
The $390 million deal gives the NCI-designated comprehensive cancer research and treatment organization a vast network of oncology hospitals and outpatient care centers across the United States that serves approximately 115,000 patients each year, according to a press release issued by City of Hope.
“Building on more than 3 decades of unparalleled patient experience and quality care, we’re excited to become a part of City of Hope, and to take a step closer to reaching so many more [patients with cancer] with our unique, patient-centered model,” Pat Basu, MD, MBA, president and CEO of Cancer Treatment Centers of America (CTCA), said in the press release. “Through the shared, patient-centric values of both organizations and expanded access as a result of the collaboration, [patients with cancer] across the nation will be the ultimate beneficiaries of this relationship.”
Basu will remain CEO of CTCA and will report to Robert Stone, president and CEO of City of Hope and Helen and Morgan Chu Chief Executive Officer distinguished chair. The deal is expected to be finalized in early 2022, pending regulatory approvals, and City of Hope plans to convert CTCA into a nonprofit organization.
“This is a defining moment in the fight against cancer and a powerful opportunity to reach more [patients with cancer] with the leading treatments, care and advanced research they critically need,” Stone said in the release. “CTCA has a strong commitment to patient-centric cancer care, and combining its network and services with City of Hope’s scientific expertise, clinical trials and patient care strengths will significantly increase the number of people who can access the latest lifesaving treatments.”
The acquisition enables City of Hope to increase its ability to translate science and research into lifesaving care and expands its reach and impact into more communities throughout the U.S., according to the release. With CTCA in its sphere, City of Hope will have approximately 11,000 team members, including 575 physicians across various locations in California, Arizona, Illinois and Georgia.
“Cancer treatment is changing rapidly. Today, through advances such as immunotherapy, precision medicine and other treatments available through clinical trials, there are better survival rates and fewer side effects than ever before,” Stone said.
“A critical part of cancer care is closing the gap to access that exists for too many patients, particularly in underserved communities,” Stone added. “By joining forces with CTCA, we’re taking a major step forward in our mission to democratize cancer care and bring today’s treatments and tomorrow’s discoveries to even more people who need them now.”