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Philadelphia hospital receives 2 takeover bids

A consortium of four health systems that was expected to submit a bid for St. Christopher's Hospital for Children in Philadelphia bowed out of the auction, according to The Philadelphia Inquirer.

The hospital, which is being sold through the bankruptcy process, received two takeover bids: One from West Reading, Pa.-based Tower Health and Drexel University in Philadelphia, and another from Santa Ana, Calif.-based KPC Global.

Four healthcare organizations based in Philadelphia that teamed up in July to explore the acquisition of St. Christopher's did not submit a bid. The consortium was led by Jefferson Health and also included Einstein Healthcare Network, Philadelphia College of Osteopathic Medicine and Temple Health.

"As a consortium responsible for 60 percent of patient activity to St. Chris with three safety-net hospitals, we remain very interested in collaboration with whoever the winning bidder is to ensure continued access and quality of care for our pediatric patients," Jefferson said in a statement to The Philadelphia Inquirer. "We look forward to supporting the provision of these needed services for the children of our community."

If the two bids submitted for St. Christopher's Hospital for Children qualify as valid bids, an auction will be held Sept. 19, according to the report.

More articles on healthcare industry transactions:

Maryland hospitals merge, unveil name for combined system
6 hospital mergers called off in past year
Hospital M&A update: 10 latest deals

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