The Archdiocese of New York has given its controlling interest of New York Medical College to Touro College in a $60 million deal.
The archdiocese said it will place $30 million a fund for the medical college”™s business, operations and programs. The remainder will be deposited in an endowment fund that will be used exclusively for the archdiocese”™s health care programs for those in need.
Dr. Karl Adler, president and CEO of NYMC, and Dr. Bernard Lander, founder and president of Touro College, announced that an agreement had been signed on Tuesday.
The Valhalla-based medical college is an independent nonprofit institution sponsored since 1978 by the archdiocese.
The agreement calls for maintaining NYMC as an independent institution while transferring the authority to appoint the NYMC board of trustees from the archdiocese to a new entity organized by Touro.
“We”™re pleased to partner with the Archdiocese of New York on this transition,” Lander said. “We look forward to continuing New York Medical College”™s longstanding tradition of excellent medical education and training and innovative biomedical research, and integrating their programs with those of Touro College.”
Adler said: “Our goal is to ensure the growth and prosperity of New York Medical as a leader in education and biomedical research in the health professions. It is entirely fitting that we are entering into a new era with Touro as we celebrate our 150th anniversary.”
Dr. Alan Kadish, Touro”™s senior provost and chief operating officer, will be working with Adler over the next several months to “ensure a smooth transition.”
The transaction is expected to be completed in mid-2010.
