The University of Virginia has received a $100 million private gift for a new biotechnology research ... [+]
The University of Virginia (UVA) has announced that it is launching a biotechnology institute, funded in large measure by a $100 million donation from Charlottesville entrepreneur and investor Paul Manning and his wife, Diane. The gift is one of the largest private donations to UVA in its history.
In addition to the Mannings’ gift, UVA will kick in $150 million, and the state will make an initial investment of $50 million for the institute, which will be named the Paul and Diane Manning Institute of Biotechnology.
The focus of the institute will be medical research that leads to new medical treatments, including cellular and gene therapies, targeted drug delivery, nanotechnology and immunotherapies. The facility is schedule to open at Fontaine Research Park in Charlottesville in about four years.
In addition to transforming healthcare, the institute is expected to have a substantial economic impact on central Virginia and the Commonwealth as a whole. Ultimately, the Manning Institute is anticipated to employ hundreds of scientists, physicians and support staff. It also is likely to attract pharmaceutical and biotech companies to the area as it seeks to become a hub for clinical trials, biotech research and manufacturing.
K. Craig Kent, MD, chief executive officer of UVA Health and UVA’s executive vice president for health affairs, called the new institute a “historic milestone” for UVA that will have a significant impact on translational medicine. “This is a translational research program unlike any that exists in the Commonwealth of Virginia,” Kent said. “It is the beginning of an exciting new chapter for UVA Health that will produce concrete benefits for patients here in Virginia and everywhere.”
“We live in an incredibly exciting time of discovery in medicine — and the Manning Institute will ensure U.Va. remains at the forefront of research and patient care,” U.Va. President James E. Ryan said in the university’s release. “Paul and Diane Manning’s extraordinary gift will mean new treatments and therapies for the patients who need them most, and I’m immensely grateful for their generosity and vision. Importantly, this transformational investment in health care for Virginians was also made possible by critical support from Gov. Youngkin and key leaders in the General Assembly.”
Virginia Governor Glenn Youngkin praised the news: “This major investment will help attract pharmaceutical companies to the commonwealth and further my administration’s commitment to develop a thriving health care system. I’m grateful for Paul and Diane Manning’s generous commitment, which will ensure more Virginians are able to receive the care and treatment right here in the commonwealth.”
Paul Manning is the founder, chairman and CEO of PBM Capital, a healthcare-focused firm that invests in companies in the pharmaceutical and life sciences industries. He has served on the Board of UVA’s Strategic Planning Committee, the Board of UVA Health Foundation, and the Board of the President’s Advisory Committee. Manning graduated from the University of Massachusetts with a B.S. in Microbiology. Ernst and Young named him the Virginia Entrepreneur of the Year in 2002.
The Mannings are longtime supporters of UVA and UVA Health’s research efforts, in addition to their support for other institutions such as the University of Massachusetts. “Our goal is to have the best possible medicine – next-generation medicine – for the residents of Virginia and people around the globe,” Paul Manning said. “We’re building a world-class facility that will compete with anybody … in terms of research, manufacturing and treatment.”
