NEW YORK (GenomeWeb News) – The Broad Institute of Harvard and MIT today said that philanthropists Eli and Edythe Broad have committed an additional $400 million to the institute, bringing its total endowment to $600 million.
The interdisciplinary collaborative institute, which includes more than 1,200 researchers from both MIT and Harvard, was created in 2004 as a “venture experiment” with a $100 million commitment from Eli and Edythe Broad. The philanthropists doubled that gift the following year.
The institute said today that the additional funding will allow it to transform itself into a “permanent biomedical research organization aimed at transforming medicine.”
The $600 million gift, the largest such commitment for biomedical research in the world, according to the Broad, will help it “transition to a permanent non-profit organization, with both universities continuing to help govern it.”
Eli Broad, founder of the Eli and Edythe Broad Foundation, said in a statement that the institute’s “unique collaborative model for scientific research has resulted in remarkable accomplishments in a very short period of time.”
He added that despite the size of the gift — the largest the foundation has ever made — “it is only a fraction of what will be needed to unlock the enormous promise of biomedical research at MIT and Harvard.”
Broad said that the organization hopes to see the endowment grow to $1 billion through investment and additional contributions.
“We are convinced that the genomics and biomedical work being conducted here at the world’s leading genomics center by the world’s best and brightest scientists will ultimately lead to the cure and even the prevention of diseases,” he said.