St. Joseph's University merges with University of the Sciences

St. Joseph's University just completed the largest merger in its 171-year history — but it may not be the Jesuit school's last.

Driving the news: University president Mark Reed told Axios he was not ruling out future mergers and acquisitions after St. Joe's officially combined with the University of the Sciences on Wednesday.

• "We never should" rule that out, Reed told Axios, although he noted that St. Joseph's isn't currently "shopping around."

The big picture: St. Joe's merger with the University of the Sciences, both private universities, comes as Pennsylvania gears up to merge six of its 14 universities into two new entities next month.

By the numbers: St. Joe's, founded in 1851, is now the ninth largest Jesuit university in the country. It's also the fourth largest university in the city.

• St. Joe's endowment grew to $550 million. Student enrollment increased to nearly 9,000, while full-time faculty rose to about 400.
• The school now offers 221 academic programs — 26 of which are new.

Zoom in: St. Joe's has transferred over the University of Sciences' school of health professions, which was among the most significant new additions to the Jesuit school.

• St. Joe's could add more programs to the health professions school in future, like a nursing program, said Reed, who is leaving his post in August.

Of note: St. Joe's tuition will not change due to the merger, which is about $50,000.

• Yes, but: Former University of the Sciences students who did not graduate this year will maintain their current tuition until they graduate, which was about $28,000.

What they're saying: St. Joe's provost Cheryl McConnell, who will serve as interim president, said higher education must change.

• "We must always be searching for how to serve students, how to serve the region better and those are the universities that are going to thrive in the future," she said.