By CBS3 Staff

PHILADELPHIA (CBS) — The sale of St. Christopher’s Hospital for Children in Philadelphia has been approved by the U.S. Bankruptcy Court. Drexel University and Tower Health have agreed to acquire St. Christopher’s Hospital for Children for a reported $50 million.

“We are pleased the U.S. Bankruptcy Court has approved the sale of St. Christopher’s Hospital for Children to an entity formed by Tower Health and Drexel University. The Hospital’s acquisition by such highly-regarded local institutions delivers financial stability, operational expertise, and long-term confidence. Hospital management and medical staff are eager to work with the buyer for a smooth transition and are committed to ensuring seamless patient care.

“St. Christopher’s is an important health care provider, and our goal from the beginning has been to preserve uninterrupted access to world-class pediatric care and nationally recognized programs. Though it has been a long process, we have met that goal. We are satisfied this transaction ensures St. Christopher’s has a healthy future ahead of it.”

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