PHILADELPHIA (CBS) — Drexel University and Tower Health have agreed to acquire St. Christopher’s Hospital for Children for a reported $50 million. The negotiations began Thursday during a private auction.

Several bids were under consideration.

The auction was prompted by the closing of Hahnemann University Hospital after its parent company filed for bankruptcy in June.

“I know how stressful change can be, but this is good news for St. Christopher’s. The sale brings financial stability, operational expertise and continued availability of our world-class pediatric care and nationally recognized programs. Working with highly regarded local institutions brings an extra measure of confidence in the ability to preserve an important health care resource for the vulnerable community we serve,” St. Christopher’s Hospital CEO Maria Senna said.

The sale agreement will have to be approved by the bankruptcy court.

A hearing is scheduled for Monday.