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City of Hope to acquire Cancer Treatment Centers of America

·1 min read

Dec 8 (Reuters) - Cancer research center City of Hope, headquartered near Los Angeles, on Wednesday said it plans to acquire Cancer Treatment Centers of America (CTCA) for $390 million as it moves to build a national, integrated oncology research and treatment system.

The deal is expected to close early next year, and City of Hope said it intends to convert CTCA from a for-profit network to a non-profit organization.

City of Hope and CTCA together will have 36 locations in California, as well as centers in Arizona, Illinois and Georgia.

Combining CTCA "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," City of Hope President and Chief Executive Robert Stone said in a statement.

He said the deal will also expand and accelerate the ability to rapidly translate research and science for patient care.

City of Hope said it conducts nearly 1,000 clinical trials a year, holds more than 450 drug patents and submits around 50 applications for new drug trials to the U.S. Food and Drug Administration each year.

"Cancer treatment is changing rapidly. Today, through advances such as immunotherapy, precision medicine and other treatments available through clinical trials, there are better survival rates and fewer side effects than ever before," Stone said.

(Reporting By Deena Beasley; editing by Richard Pullin)

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