Broad Foundation Awards $100 Million to Broad Institute of MIT, Harvard

Broad Foundation Awards $100 Million to Broad Institute of MIT, Harvard

Eli and Edythe Broad have announced a $100 million grant to the through the Los Angeles-based to support the institute's research in genomic medicine.

The gift, the largest ever to support a joint venture between two universities, follows a $100 million pledge by the Broads to MIT eighteen months ago to establish the institute. The $200 million total will be distributed to the institute in $20 million increments over ten years.

The Broad Institute was launched in 2004 through an unprecedented collaboration of MIT, Harvard, Harvard-affiliated hospitals, and the , which is based at MIT. With its faculty of sixty core and associate members who have appointments at one of the Harvard- or MIT-based institutions, the institute empowers creative scientists to construct new tools to do genomic medicine, make them accessible to the global scientific community, and apply them to the understanding and treatment of disease. Its annual budget of $100 million is derived largely from traditional peer-reviewed scientific grants, but the Broads' gift will allow the institute to pursue new directions and initiatives.

"Eli and Edythe Broad's vote of confidence, expressed through this generous gift, is a tribute to the work of hundreds of young scientists who have come together under this unique collaboration," said the institute's founding director, Eric Lander. "The Broad Institute's scientists have already made major advances in cancer, medical genetics, chemical biology, infectious disease, and other fields. The Broads' unrestricted support helps a remarkable generation seize the opportunities ahead."

"Eli & Edythe Broad Announce Second $100 M Gift to Support Broad Institute" Broad Institute of MIT and Harvard Press Release 11/30/2005.