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Published on Friday, September 05, 2008
By LA Daily News Staff Writer
Los Angeles philanthropists Eli and Edythe Broad, who are giving away a multibillion-dollar fortune made in real estate and insurance, announced Thursday their biggest gift so far - a $400 million donation to the Broad Institute of M.I.T. and Harvard.
The institute works to discover genetic links to major diseases and determine the molecular causes of disease, which could lead to new ways to diagnose and prevent illnesses and develop medicines.
The money will be managed by Harvard University's vaunted investment unit with the goal of turning it into a $1 billion endowment that will ensure the institute's future and make it one of the wealthiest scientific research centers in the world.
"To me, the story isn't about our gift," Broad said in an interview, "but about taking an experiment that started just four years ago and making it permanent with an endowment that will enable it to continue to conduct science in a very different and new way
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