AUSTIN (Dec. 6, 2007) – The Board of Regents of The University of Texas System today authorized the acquisition of the Cancer Therapy & Research Center by The University of Texas Health Science Center at San Antonio. Consummation of the acquisition is subject to completion of the UT System’s due diligence and transition plans.
An agreement was signed by the UT System, the Health Science Center and CTRC board members Nov. 14, subject to approval by the Regents and continued due diligence by the UT System. The parties hope to close the transaction on or about Dec. 17, 2007.
Health Science Center faculty members treat patients at CTRC facilities, and the two institutions are partners in the San Antonio Cancer Institute, a National Cancer Institute Cancer Center, one of three in Texas. This agreement calls for melding the clinical, research and administrative structures of the institutions.
The University of Texas Health Science Center at San Antonio is the leading research institution in South Texas and one of the major health sciences universities in the world. With an operating budget of $576 million, the Health Science Center is the chief catalyst for the $15.3 billion biosciences and health care sector in San Antonio’s economy. The Health Science Center has had an estimated $35 billion impact on the region since inception and has expanded to six campuses in San Antonio, Laredo, Harlingen and Edinburg. More than 22,000 graduates (physicians, dentists, nurses, scientists and allied health professionals) serve in their fields, including many in Texas. Health Science Center faculty are international leaders in cancer, cardiovascular disease, diabetes, aging, stroke prevention, kidney disease, orthopaedics, research imaging, transplant surgery, psychiatry and clinical neurosciences, pain management, genetics, nursing, allied health, dentistry and many other fields.
The Cancer Therapy & Research Center (CTRC) is one of the nation’s leading academic research and treatment centers, serving more than 4.4 million people in the high-growth corridor of South and Central Texas including San Antonio, Austin, Laredo and the Rio Grande Valley. CTRC handles more than 120,000 patient visits each year and is a world leader in developing new drugs to treat cancer. The CTRC Institute for Drug Development (IDD) is internationally recognized for conducting the largest oncology Phase I clinical drug trials program in the world. Fifteen of the cancer drugs most recently approved by the U.S. Food and Drug Administration underwent development or testing at the IDD. The CTRC was founded in 1974 with 15 employees as a 501(c)(3) non-profit corporation and freestanding outpatient clinic. Today it has an $81 million operating budget and more than 400 employees.