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« Today's Globe: meningitis death, banked blood, heart-imaging agents, Watson's words, Bruce Statham | Main | MIT gets $100m gift to build cancer center »

Tuesday, October 9, 2007

WSJ: MIT donor ties cancer center gift to timetable

david%20koch%20mit.jpgBillionaire David Koch (left), who is battling prostate cancer, agreed to give $100 million to Massachusetts Institute of Technology to create a cancer research center -- but he made the gift with a condition, according to a story in today's Wall Street Journal.

To get the entire gift, MIT had to agree to build the $280 million center whether or not it has raised the full 80 percent of funds that it usually wants in hand before it breaks ground, the Journal story says.

Koch estimates that under the "crash basis" schedule, MIT will shave 18 months to two years off the building process. "They were going to do it over five years," Koch, an MIT alum and board member since 1988, told the Journal. "I said that is too long."

MIT President Susan Hockfield said building a new cancer center was already under discussion.

"I agreed to accelerate because the opportunities [in cancer research] are enormous right now," she told the Journal.

Posted by Elizabeth Cooney at 08:30 AM
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