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April 30, 2013

$50-Million Donation to Back Biomedical Work at Harvard

A billionaire industrialist's foundation is committing $50-million to Harvard University to support efforts to turn basic scientific discoveries into marketable medical treatments, Bloomberg writes.

The gift from the Blavatnik Family Foundation will establish a program called the Blavatnik Biomedical Accelerator to identify promising technologies and license them to companies, the university said in a statement Monday. Part of the gift will support a fellowship at Harvard Business School to give students familiarity with life sciences.

The foundation is headed by Len Blavatnik, the founder and chairman of holding company Access Industries and co-owner of LyondellBasell Industries NV, the world’s largest polypropylene producer.