I don't believe so. In fact, I don't believe there is anything the Cleric can do to reduce the damage that he takes from this spell (other than Dismissing it, of course) - by casting the spell, he has effectively agreed to bear half the damage taken by the target of the spell.
On the other hand, if the target of the spell has damage reduction (or energy resistance) then be sure to apply that first, and only tranfser half of the damage actually taken to the Cleric!