Albany College of Pharmacy and Health Sciences and Russell Sage College have signed a transaction agreement, a major milestone in the merger process that next requires approval from regulatory agencies. It is anticipated that the final merger will be approved by fall 2027. The transaction agreement was approved this month by the boards of trustees at both institutions.
The merger, announced during a news conference on April 22, will create one of the region’s largest private higher education institutions, with the broadest catalog of programs in the health professions, and strong programs in education, business, criminal justice, the sciences, pre-med, pre-health, and arts and humanities.
The combined institution, to be known as Russell Sage, will have an anticipated enrollment of approximately 4,000 students on campuses in Albany and Troy, New York, as well as online. The merger will result in a unified institution with combined assets of approximately $246 million, including $115 million in endowment investments.
“The unanimous approval of the merger transaction agreement, which was approved by the Albany College of Pharmacy and Health Sciences Board of Trustees on July 1, is cause for celebration. We take this official and historic next step in the progression of the merger between ACPHS and Russell Sage College, recognizing and appreciating the significant effort, hard work, dedication, sacrifice and support we have received from ACPHS faculty, staff, students, administrators, board members, consultants and alumni that helped us to achieve this significant milestone,” said Albany College of Pharmacy and Health Sciences President Toyin Tofade. “We look forward to continuing our work with our neighbors and future colleagues at Russell Sage as we co-create our future together. By combining the rich legacies of Russell Sage and ACPHS and our engaged alumni networks, we will empower students, strengthen our communities, and be positioned as the leader for health-focused and comprehensive education in the Capital Region.”
All students will have the opportunity to complete their degree programs at their respective colleges prior to the merger and at the combined institution after the merger, and will see expanded academic, student life, and athletic opportunities after the merger is final and approved by all regulatory bodies.
“We’ve heard enthusiasm among our employees and throughout the Capital Region and beyond for this strategic merger and what it will bring to the workforce, particularly in the field of healthcare,” said Russell Sage College President Matthew Shaftel. “The synergies between our two institutions are clear to everyone, and we have a shared mission of providing access to an affordable, experience-driven education with a high return on investment. It’s exciting to complete this next step in the merger process, and we look forward to the transformative launch of the combined institution, which will be one of the largest private institutions for higher education in the region.”
The transaction agreement affirms and builds on the details outlined in the memorandum of understanding approved by both institutions’ boards of trustees and announced in April. The next step is for both institutions to seek approvals from the New York State Education Department and the Middle States Commission on Higher Education (MSCHE). The anticipated completion date of those processes is summer 2026. The merger will then go through federal review.
While the transaction agreement spells out the process and essential terms of the merger, transition liaisons from both institutions have been assigned to work out details over the next year, including plans for regulatory body engagement, communications/marketing, academic programs, student affairs, research, facilities, athletics, HR benefits and employee handbook, enrollment management, faculty handbook, workload policies, IT, and culture and change management.
In parallel with the merger process, Russell Sage College intends to seek regulatory approvals to be called Russell Sage University.