On February 2, 2022 City of Hope, a world-renowned, National Cancer Institute-designated comprehensive cancer center, reported that it has completed its acquisition of Cancer Treatment Centers of America (CTCA), a network of oncology hospitals and outpatient care centers across the United States, expanding access to world-class research and cancer care to patients nationally (Press release, City of Hope, FEB 2, 2022, View Source [SID1234607639]). City of Hope now has one of the largest geographic footprints in cancer research and treatment, providing cancer patients with timely access to exceptional care, clinical trials and leading-edge innovation.
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"With the completion of this acquisition, City of Hope and Cancer Treatment Centers of America are combining complementary strengths, with a shared commitment to providing the best, most compassionate care possible," said Robert Stone, president and CEO of City of Hope and the Helen and Morgan Chu Chief Executive Officer Distinguished Chair. "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."
With CTCA, the combined organization will serve approximately 115,000 patients each year, with more than 11,000 team members and 575 physicians across a network of locations in California, Arizona, Illinois and Georgia, expanding the portfolio, reach and impact of City of Hope’s world-class cancer services and capabilities, including research and development, to more patients, families and communities nationwide.
J.P. Morgan acted as exclusive financial advisor and Jones Day acted as legal counsel to City of Hope in the transaction. Goldman Sachs & Co. acted as exclusive financial advisor and McDermott Will & Emery and Katten Muchin Rosenman LLP acted as legal counsel to CTCA.
With the completion of this acquisition, City of Hope intends to begin the process of converting CTCA to a nonprofit organization. CTCA President and CEO Pat Basu, M.D., will report directly to Stone.