Through the acquisition, the organizations hope to advance their missions and transform the future of cancer research and care.
City of Hope, a National Cancer Institute (NCI)-designated comprehensive cancer research and treatment organization, announced Wednesday morning that it has entered into a definitive agreement to acquire Cancer Treatment Centers of America (CTCA), a national oncology network of hospitals and outpatient care centers.
The two organizations are joining together to advance their missions and to build a national, integrated cancer research and treatment system. City of Hope and CTCA hope by combining, they will transform the future of cancer research and care.
"This is a defining moment in the fight against cancer and a powerful opportunity to reach more cancer patients with the leading treatments, care and advanced research they critically need,” Robert Stone, president and CEO of City of Hope, said in a statement. "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."
Additionally, Stone said, "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.”
The combined organization will be one of the largest cancer research and treatment organizations in the country, according to the press release, and will increase City of Hope's reach from California into Arizona, Illinois, and Georgia.
"Building on more than three 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 cancer patients with our unique, patient-centered model," Pat Basu, MD, MBA, president and CEO of CTCA, said in a statement. "Through the shared, patient-centric values of both organizations and expanded access as a result of the collaboration, cancer patients across the nation will be the ultimate beneficiaries of this relationship."
Following the acquisition, Basu will continue to serve as CEO of CTCA, and will report to Stone.
The transaction is slated to close in early 2022, before City of Hope's new campus is expected to open in Irvine, California. After the successful acquisition, City of Hope intends to make CTCA a nonprofit organization.
Editor's note: This story was updated on December 8, 2021.
Melanie Blackman is the strategy editor at HealthLeaders, an HCPro brand.
Photo credit: IRVINE, CALIFORNIA - 25 APRIL 2020: Future City of Hope Medical center building at at FivePoint Gateway. / Editorial credit: Steve Cukrov / Shutterstock.com