Rumors are flying over what's next
Rice, Baylor call the whole thing off
Photo courtesy of Rice University
After 15 months of talks and 10 months after signing a memorandum of understanding, Rice University and Baylor College of Medicine have walked away from a possible merger.
The schools' presidents released a joint statement on Tuesday stating in part:
"Since we signed a memorandum of understanding in March of 2009, we have been in extensive discussions in an attempt to meet several conditions that both institutions considered to be essential for a successful merger. We joined in a thorough and deliberate process that explored the many benefits and challenges a merger would entail. With the MOU due to expire this month, the leadership of both institutions decided it is in the best interests of both BCM and Rice University to strengthen the existing relationship without a formal merger."
The Houston Chronicle identifies the main obstacles as Baylor's financial situation (one BCM board member told CultureMap that the med school is "bleeding money") and lack of a private hospital for a clinical facility.
The Chronicle also mentions rumors that Baylor University has made overtures to bring BCM back into the Baylor system after a 41-year separation.
A Baylor researcher told CultureMap Sunday night that if the affiliation with Rice fell through, the University of Texas might step in, although it raises the question why UT would want two med schools in Houston.
Sante's Garden Room is decorated with two olive trees.
Photo by Chris Furia