Russell Sage College and Albany College of Pharmacy and Health Sciences Agree to Pursue Strategic Merger

ALBANY, NEW YORK, April 22, 2025 – Creating 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, Russell Sage College and Albany College of Pharmacy and Health Sciences (ACPHS) plan to merge.

A memorandum of understanding, approved by both institutions’ boards of trustees, calls for a merger upon approval by regulatory bodies, with an estimated completion date of fall 2027. 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.

The combined institution, to be known as Russell Sage, with an anticipated enrollment of approximately 4,000 students on campuses in Albany and Troy, New York, as well as online, would likely become the third-largest private institution for higher education in the Capital Region, based on current publicly available enrollment data. The merger will result in a unified institution with combined assets of approximately $246 million, including $115 million in endowment investments.

The merger unites two colleges nationally recognized for social mobility, return on investment, and research, to create a dynamic, comprehensive institution — one that leads in the health professions and sciences while integrating a strong liberal arts foundation, century-long tradition of professional education, and a personalized and engaged approach to learning.

By combining the rich legacies and strong reputations of Russell Sage and ACPHS and their engaged alumni networks, the merged entity will empower students, strengthen communities, and

be positioned as the leading institution for health-focused education and a premier comprehensive college experience with a range of academic offerings.

The merger requires numerous approvals from the boards of trustees of each institution, the New York State Education Department (NYSED), the U.S. Department of Education, the Middle States Commission on Higher Education (MSCHE) and other accreditors, lenders, and others.

Independent from the merger process, Russell Sage College intends to seek regulatory approvals to be called Russell Sage University.

Together, the leaders of Russell Sage College and Albany College of Pharmacy and Health Sciences have co-created a vision that will enable the merged institution to:

There will be a total of six schools in the merged institution. Albany College of Pharmacy and Health Sciences at Russell Sage will have two schools, a School of Pharmacy and a School of Biomedical and Health Sciences. They’ll join four existing schools at Russell Sage: The Esteves School of Education, School of Health Sciences, School of Management, and School of Arts and Sciences.

Russell Sage’s NCAA Division III athletic programs and the Opalka Gallery, ACPHS’s center for bio-pharmaceutical education and training (CBET), community pharmacy, and Collaboratory will continue at the merged institution, preserving both institutions’ unique identities and brand.

Russell Sage and ACPHS will collaborate over the next several years to create a plan to merge their academic portfolios and develop a facilities and people strategy, addressing workforce needs.

“We’re thrilled to partner with Albany College of Pharmacy and Health Sciences, a leader in healthcare education and research since 1881, strengthening the infrastructure for the region’s healthcare workforce and creating a comprehensive institution with endless opportunities for students, including new accelerated and linked degrees,” said Russell Sage College President Matthew Shaftel. “Russell Sage is proud of its comprehensive suite of health professions programs, including nursing, physical and occupational therapy, nutrition, speech-language pathology, health sciences, and mental health counseling, as well as strong programs in education, arts and sciences, business, criminal justice, and more. Joining with ACPHS widens that scope in exciting ways, including robust research opportunities.”

“As a student-centered institution, Albany College of Pharmacy and Health Sciences’ partnership with Russell Sage College is a testament to our unwavering commitment to providing an exceptional educational experience for our students. Together, we will broaden horizons, expand opportunities, and empower our students to thrive,” said Albany College of Pharmacy and Health Sciences President Toyin Tofade. “The merging of our institutions is more than a partnership; it represents a powerful synergy, and a natural evolution that has been driven by ACPHS’s strategic priorities. By combining our strengths in pharmacy, health sciences, and biomedical sciences education and research with Russell Sage College’s health professions, business, education, and other comprehensive liberal arts programs, we will create a united institution offering unparalleled academic, co-curricular, and extracurricular opportunities for students. We believe that together, we will be recognized as the leader in health professions education, community engagement, and innovative solutions for educational sustainability in the Capital Region and beyond.”

ACPHS, with $76.7 million in investments as of the end of the calendar year, including the college’s endowment, saw an increase in enrollment for fall 2024 after growing academic program offerings by nearly 50% in the past year. Since the fall of 2024, ACPHS has added undergraduate programs in biology, health sciences, forensic science, psychology, and forensic psychology. New graduate programs include a fully online MS Biomedical Sciences degree and Hybrid Cytotechnology degree. New programs launching in the fall of 2025 include a BS in Nursing, MS in Health Data Science, and hybrid MS Biotechnology.

The college holds significant research grants and contracts in the biomedical sciences, with a recent designation as a research college by the Carnegie Classification of Institutions of Higher Education. With this classification, ACPHS is recognized as one of only four colleges and universities committed to research in the Capital Region. More than 800 students are enrolled at ACPHS, and the college draws students from around the globe to its highly specialized undergraduate and graduate programs in pharmacy and the health sciences.

When it was founded in 1881, the Albany College of Pharmacy and Health Sciences (then known as Albany College of Pharmacy) was one of only 14 colleges of pharmacy in the United States. In 2008, the college rebranded as the Albany College of Pharmacy and Health Sciences to better reflect its full and growing scope of programs. ACPHS has been ranked No. 1 in New York state for return on investment, and among the top five colleges in the US for return on investment by Georgetown University’s Center on Education and the Workforce, and holds an A+ for value by Niche.com. It also recently received the Carnegie Classification of Research University in 2025. ACPHS received a BBB Stable outlook rating from S&P.

Russell Sage College enrolled its largest incoming undergraduate and graduate class in more than a decade in fall 2024, and has more than 2,700 students enrolled across bachelor, master, and doctoral programs, including about a dozen new programs launched in the last two years. With $61.2 million in investments as of the end of the calendar year, which includes the college’s endowment, Russell Sage has posted budget surpluses for six consecutive years and recently received a stable outlook rating from Moody’s, the global integrated risk assessment firm.

Russell Sage College was founded in 1916 as a women’s college in Troy, New York, by philanthropist Margaret Olivia Slocum Sage, who named the institution after her late husband. In 1949, Russell Sage opened a coeducational Albany division to serve the large number of veterans returning from World War II, state government workers, and others seeking an education related to workplace needs, and offered associate, bachelor’s, and master’s degrees in an evening schedule.

The Albany campus held various names throughout the years until 2020, when the two campuses were consolidated under the Russell Sage College name, offering co-educational bachelor’s, master’s, and doctoral programs in both locations. Russell Sage has been named among the top 25 colleges nationally for social mobility by U.S. News & World Report for six straight years.

For more information, visit https://acphs.sage.edu.