Thomas Jefferson University Hospital, Philadelphia Thomas Jefferson University Hospital,Philadelphia

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PHILADELPHIA—Thomas Jefferson University and the health caresystem Jefferson Health have reached an agreement to have Toledo,OH-based real estate investment firm Welltower acquire an interestin some of its real estate assets.

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Under the terms of a Memorandum of Understanding, Welltower and Jefferson would create a jointventure whereby Welltower would acquire a stake in certain realestate assets of Jefferson. The transactions would be geared atenabling Jefferson to reduce some of its fixed asset investmentsand redeploy the capital to other clinical and academic strategicareas.

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In addition to the joint venture, the companies report thatWelltower would help Jefferson accelerate its ambulatory caregrowth strategy through capital support and predictive analytics toguide future real-estate investments based on where Jeffersonclinical services would best serve the public.

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"This partnership with Welltower will be a crucial step forwardin achieving our 'healthcare with no address' innovation strategy,"says Stephen K. Klasko, MD, MBA, president of Thomas Jefferson University and CEO ofJefferson Health. "By partnering with the best companies acrossvaried sectors, we can bring world-class healthcare from thehospital to the home. We're thrilled that the great team atWelltower is looking to Jefferson to advance our shared ambitiousaim of creating healthier communities."

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Also, part of the MOU, Jefferson's clinicians would provide careat the Welltower senior housing, assisted living and memory carecommunities throughout the Philadelphia-New Jersey region as wellas future ones the organizations could build together.

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Jefferson and Welltower anticipate that a definitive agreementwill be executed in the coming 90 days.

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Last month, Temple University and Thomas Jefferson Universityannounced they had entered into a binding definitive agreement forthe acquisition by Jefferson of Fox Chase Cancer Center, as well as Temple'sBone Marrow Transplant program.

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No financial terms of the pending transaction weredisclosed.

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Both institutions have emphasized that they envisioncollaborations that extend far beyond the acquisition, includingcreating a framework for partnership on cancer discovery andtreatment, caring for the underserved, driving innovation, andincreasing educational opportunities for students at bothuniversities.

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With the definitive agreement in place, Temple and Jeffersonexpect to close on the transaction in the spring of 2020. Thedefinitive agreement comes after Jefferson, home of theNCI-designated Sidney Kimmel Cancer Center, and Temple, home of FoxChase, an NCI-designated Comprehensive Cancer Center, announced inJanuary 2019 that they had entered exclusive negotiations.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.