Drexel University and Tower Health emerged as the winning bidder for St. Christopher's Hospital for Children, with a top bid of $50 million, following an all-day auction Thursday.
The two bidders for the North Philadelphia pediatric medical center were the West Reading-based Tower Health and Drexel University in Philadelphia, which submitted a joint proposal, and KPC Global, a California health-care company.
KPC's top offer was not immediately available Friday morning.
"Our goal in seeking to acquire St. Christopher’s was to ensure that access to pediatric services would continue without interruption for the vulnerable and underserved community that depends on St. Christopher’s for its care," Tower Health CEO Clint Matthews said in an announcement to the health system staff Friday morning. "Tower Health is well positioned to provide operating expertise to complement and augment St. Christopher’s nationally recognized health care for children. This partnership will also preserve St. Christopher’s as an important training site for Drexel’s third- and fourth-year medical students and their hospital-based clinical rotations in pediatrics."
Matthews went on to state the proposed acquisition, which still requires Bankruptcy Court approval, "directly aligns with Tower Health’s strategic priorities to expand our service offering along all points of the care continuum and to continue building upon our partnership with Drexel University to further develop and enhance our academic, research, and innovation capabilities."
Read more about winning bid for St. Christopher's Hospital for Children here.