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Philadelphia hospital sells for $50M

West Reading, Pa.-based Tower Health and Drexel University completed the $50 million acquisition of St. Christopher's Hospital for Children in Philadelphia on Dec. 15.

St. Christopher's was put up for sale after it and Philadelphia-based Hahnemann University Hospital filed for Chapter 11 bankruptcy at the end of June. Hahnemann closed in September, the same month Tower Health and Drexel University entered into a $50 million agreement to acquire St. Christopher's.

With the sale complete, 188-bed St. Christopher's will return to nonprofit status.

"We are grateful for the continuing dedication and hard work of the physicians and employees at St. Christopher's," Tower Health President and CEO Clint Matthews said in a press release. "We are excited about a bright future for St. Christopher's as it continues to serve as a center for healthcare, medical education and research, and innovation."

More articles on healthcare industry transactions:

Tenet to sell 2 Tennessee hospitals as part of $350M deal
4 Chicago hospitals in talks to combine
Buyer of 4 California hospitals misses closing deadline

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