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Broad Founders Double Initial $100M Gift

NEW YORK, Nov. 30 (GenomeWeb News) - Eli and Edythe Broad will double their founding gift to the Broad Institute of MIT and Harvard from $100 million to $200 million, the institute announced today.

 

Announced in 2003 and launched in 2004 in Cambridge, MA, the Eli and Edythe L. Broad Institute is a collaboration between the Massachusetts Institute of Technology, Harvard University, Harvard-affiliated hospitals, and the Whitehead Institute for Biomedical Research.

 

The couple made their initial $100 million gift to MIT to found the institute in 2003. Harvard will receive this additional gift of $100 million. The combined gifts will be paid $20 million per year over ten years.

 

The Broad Institute has an annual budget of $100 million, derived largely from traditional peer-reviewed grants and a faculty of 60 core and associate members drawn from Harvard and MIT. The institute was involved with the international consortium that worked on the HapMap. It is also working on another international effort to make a complete library of RNA interference against every human and mouse gene.

 

The institute is scheduled to move from its current location at 320 Charles Street to 7 Cambridge Center in Kendall Square in early spring of 2006.

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