Penn Medicine has abandoned its plan to purchase Tower Health's Brandywine Hospital.
Philadelphia-based Penn Medicine signed a non-binding letter of intent to aquire the facility in Coatesville, Pennsylvania, in June. The hospital closed in early 2022.
Related article: Tower Health to sell urgent care centers, close others
"The Brandywine property has previously received significant interest from a variety of organizations," a spokesperson for Tower Health said in a statement. "We will reengage in discussions with these companies, along with others, to secure a new owner for the property."
Last September, West Reading, Pennsylvania-based Tower Health sold eight urgent care centers to Birmingham, Alabama-based American Family Care and closed five additional facilities. Tower has been downsizing its physical footprint as it works to deal with financial challenges. For its fiscal 2023 that ended June 30, Tower reported a $142 million operating loss.