PHILADELPHIA (WPVI) -- Drexel University and Tower Health have won a bid to buy St. Christopher's Hospital for Children.
The closing of Hahnemann University Hospital led to the auction of St. Christopher's after its parent company filed for bankruptcy in June.
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The $50 million deal still needs to be approved by a bankruptcy court in Wilmington, Delaware, and a hearing is scheduled for Monday.
Drexel University and Tower Health will be equal partners in the ownership.
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The two institutions have a 20-year academic affiliation agreement.