$150 Million Medical Research Donation

By Live Dr - Mon Jun 13, 1:56 pm

The University of Southern California received a $150 million pledge for medical research from the W. M. Keck Foundation, the third gift of more than $100 million to the school since March.

The private university in Los Angeles will rename its health-care offerings Keck Medicine of USC, which will comprise a teaching hospital and medical school, it said today in a statement on its website.

“This partnership with USC will fund outstanding research to expand the boundaries of medical knowledge and improve quality of life for vast numbers of people,” said Robert Day, chairman and chief executive officer of the Los Angeles-based Keck Foundation.

USC has announced more than $600 million in gifts and pledges since Oct. 15, when C.L. Max Nikias was inaugurated as its president. On March 9, the university received a pledge of $200 million from Dana and David Dornsife to support undergraduate education and on April 27, Julie and John Mork donated $110 million for scholarships. In a May interview, Nikias said USC may raise $1 billion by September, when it will announce a fundraising campaign.

The Keck Foundation was established in 1954 by William Keck, founder of the Superior Oil Co. Superior was acquired in 1984 by Mobil Oil, now part of Exxon Mobil Corp. (XOM), based in Irving, Texas. The foundation gave $110 million to USC’s medical school in 1999.

USC, founded in 1880, has about 35,000 students and is the largest private, not-for-profit U.S. university on the West Coast. Its former students include astronaut Neil Armstrong and actor John Wayne.

To contact the reporter on this story: Oliver Staley in New York at ostaley@bloomberg.net

To contact the editor responsible for this story: Jonathan Kaufman at jkaufman17@bloomberg.net


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