University of Virginia Announces Historic Investment of $300 Million

United States North America Higher Education News by Erudera News Jan 23, 2023

Virginia House of Delegates Speaker Todd Gilbert

University of Virginia (UVA) has announced plans to build an Institute of Biotechnology after receiving a $100 million donation from investor Paul Manning and his wife Diane, the largest gift it has ever received.

In addition to the donation from Manning couple, the Commonwealth of Virginia will fund a significant amount of $50 million to support the launch of the institute, which will be named after couple Paul and Diane Manning, while the university itself will invest a total of $150 million, Erudera.com reports.

Last week, leaders of the University of Virginia and UVA Health as well as elected officials assembled to celebrate the launch of the biotechnology institute, calling it a new chapter for healthcare research and treatment in Virginia and elsewhere.

The Manning Institute is expected to transform medicine across Virginia as well as to boost the economy in the state and the commonwealth. According to the university, the investment will place UVA at the forefront of modern medicine regarding cellular and gene therapies that revolutionize disease treatment.

The new institute will specifically advance the research in medicine that includes immunotherapy, nanotechnology, and more to help patients around the world, as well as ensure that people in Virginia don’t have to leave the state to receive treatment.

“Our goal is to have the best possible medicine – next-generation medicine – for the residents of Virginia and people around the globe. We’re building a world-class facility that will compete with anybody … in terms of research, manufacturing and treatment,” Paul Manning, who leads PBM Capital, an investment firm focused on healthcare, said.

In addition to advancing research, the Manning Institute is also expected to help the University of Virginia recruit talented students and boost funding for its research.

UVA President Jim Ryan showed gratitude to Paul and Diane Manning for the gift, adding that such an investment means new treatments and therapies to be offered to people who need them the most.

Virginia Gov. Glenn Youngkin also praised the gift from the Manning couple and said that the Institute of Biotechnology is a vital step for Virginia’s rise in the biotech industry.

“This major investment will help attract pharmaceutical companies to the commonwealth and further my administration’s commitment to develop a thriving health care system,” Youngkin added.

Similarly, the University of Florida (UF) received $100 million last year, the largest gift in the school’s history. The donation was given by Dr. Herbert and Nicole Wertheim Family Foundation, aiming mainly to support UF’s reputation in biomedical research.

Photo by Dan Addison | University of Virginia Communications

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