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.
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.
The two institutions have a 20-year academic affiliation agreement.
Drexel, Tower Health win bid to buy St. Christopher's Hospital for Children