City of Hope has wrapped up its acquisition of Cancer Treatment Centers of America (CTCA), per a Wednesday announcement from the Southern California-based provider.
Announced in early December, the deal yields a combined cancer research and treatment organization of 11,000 employees and nearly 600 physicians across California, Arizona, Illinois and Georgia.
Folding in CTCA’s network of oncology hospitals and outpatient care centers not only fleshes out its reach to new markets but bolsters its ability to research and translate breakthrough cancer therapies into new approaches of care, the organizations said.
“With the completion of this acquisition, City of Hope and [CTCA] are combining complementary strengths, with a shared commitment to providing the best, most compassionate care possible,” Robert Stone, president and CEO of City of Hope, said in a Wednesday statement. “Together, we are creating a new model for how cancer care is delivered, leveraging real-world cancer care experience to inform scientific innovation and making tomorrow’s new discoveries available to the people who need them today.”
The organizations did not disclose the terms of the acquisition upon announcement, although a Reuters report pegs the transaction value at $390 million.
With the deal completed, City of Hope said it intends to begin converting CTCA to a nonprofit organization. Pat Basu, M.D., president and CEO of CTCA, will now be reporting directly to Stone, according to the announcement.
Founded in 1913, City of Hope was already among the country’s larger providers of bone marrow transplantation and immunotherapy services. Prior to the deal, the organization said it conducted nearly 1,000 clinical trials each year.
CTCA, meanwhile, offers a combination of surgery, radiation, chemotherapy, immunotherapy, support therapy and other integrated cancer care services across its network of treatment centers.