Ideas like this recall the Penn-Central theory of mergers: Two struggling entities creating one bigger, even more struggling firm.
With an endowment of $210 million (more than 12 of the 28 Jesuit colleges in the US), USciences has a stronger balance sheet than most, but it is cash-poor, with just $14 million on hand in its 2019 statements. It appears to have withdrawn between $8-10M from its endowment to pay the bills in 2019. St. Joe's would gain the enrollment tuition ($61.6M) but be responsible for USciences' long term debt ($180M through 2048), and annual operating expenses of $94.1M, a quarter of that in faculty salaries. Incorporating these figures into St. Joe's financial statements isn't going to lift the Hawk out of its problems.