City of Hope buying Cancer Treatment Centers for $390 million

City of Hope, the cancer treatment and research center in Duarte, has reached a deal to acquire Cancer Treatment Centers of America for $390 million.

The acquisition is expected to close in early 2022, subject to regulatory approvals. It will advance the missions of both organizations and build a national, integrated cancer research and treatment system, City of Hope said Wednesday.

CTCA operates a network of oncology hospitals and outpatient care centers across the U.S. The hospitals are in Atlanta, Chicago and Phoenix, and the care centers in Chicago and Gurnee, Illinois, with additional Arizona locations in North Phoenix, Scottsdale and Gilbert.

Its facilities offer an integrated approach to treating cancer, combining surgery, radiation, chemotherapy, immunotherapy and precision medicine with supportive therapies to manage side effects and enhance the quality of life for patients.

Reaching more patients

City of Hope President and CEO Robert Stone said the acquisition will have a far-reaching effect in the medical community.

“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,” Stone said in a statement.

Combined, City of Hope and CTCA will have 11,000 employees, including 575 doctors across a network of locations in California, including a new campus in Irvine opening next summer, and additional locations in Arizona, Illinois and Georgia.

Medical advancements

Stone said advances in immunotherapy, precision medicine and other treatments available through clinical trials have boosted survival rates for cancer patients with fewer side effects.

Joining forces with CTCA, he said, will also energize City of Hope’s mission to “democratize” cancer care and bring cutting-edge treatments and future discoveries to more people in need.

“A critical part of cancer care is closing the gap to access that exists for too many patients, particularly in underserved communities,” Stone said.

Pat Basu, CTCA’s president and CEO, said his medical network is excited to become a part of City of Hope.

“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,” he said.

A mecca of medical expertise

Founded in 1913, City of Hope says it conducts nearly 1,000 clinical trials a year that can enroll about 25% of its patients.

City of Hope said it has some 450 patent portfolios, 95 investigational new drugs and some 50 new drug applications submitted to the U.S. Food & Drug Administration every year.

The hospital also specializes in bone-marrow and stem-cell transplants, having performed more than 17,000 procedures.

Source: Orange County Register