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Drexel and Tower Health are set to acquire St. Christopher's Hospital for Children for $50 million, following its sale in bankruptcy court.

The sale of St. Christopher's to Tower and Drexel was approved by the U.S. Bankruptcy Court for the District of Delaware as part of the process to resolve the Chapter 11 bankruptcy filed by American Academic Health Systems LLC, of which Center City Healthcare — the owner and operator of St. Christopher's — is a subsidiary. The written court order approving the sale is expected to be issued shortly subject to a few revisions to related documents.

In their proposal, officials from Tower and Drexel affirmed their commitment to keeping the hospital intact, while providing operational expertise and financial security to strengthen the venerable institution that has been a fixture in North Philadelphia for 144 years.

Drexel and Tower Health will be equal partners in the ownership of St. Christopher’s Hospital, physician practices and graduate medical education program. Tower Health will take the lead operationally.

Tower Health and Drexel will assume operations of St. Christopher's Hospital prior to the end of the year. The new owners vowed a seamless transition with St. Christopher's existing partners.