Harvard Receives $50 Million From Blavatnik Family Foundation

Harvard Receives $50 Million From Blavatnik Family Foundation

Harvard University has announced a $50 million gift from the Blavatnik Family Foundation, which is led by Harvard Business School alum Len Blavatnik (MBA, '89), to expedite the development of basic science discoveries into breakthrough therapies and cures for disease.

The gift from the foundation will support the establishment of the Blavatnik Biomedical Accelerator, which will work to bridge the "development gap" for therapies by identifying promising early-stage technologies and preparing them for licensing and commercial development, as well as the Blavatnik Fellowship in Life Science Entrepreneurship Program at Harvard Business School.

To be located within the Office of Technology Development, the biomedical accelerator effort will build on the success of the university's original Biomedical Accelerator Fund, which was created in 2007 with partial support from the foundation, which is led by business school alumnus Len Blavatnik (MBA, '89). Blavatnik's support for Harvard includes a $10 million gift he made in 2009.

"By partnering with Harvard's world-class biomedical research division, I am delighted to help accelerate the development of new therapies," said Blavatnik. "Moreover, by increasing the collaborative efforts between Harvard Business School and Harvard's scientific community, we will empower the next generation of life science entrepreneurs and provide a further catalyst for innovation and research development."

"$50M Gift From the Blavatnik Family Foundation." Harvard University Press Release 04/29/2013.