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...from California philanthropists Eli and Edythe L. Broad will bring together researchers across the two universities, in what founders described as an unprecedented collaboration. The new Broad Institute will grow out of Whitehead’s programs, under the leadership of Eric S. Lander, a faculty member at both MIT and Whitehead and a key player in the completed Human Genome Project...
...MIT will administer the institute, but the three institutions will oversee it jointly. MIT and Harvard have committed to raising $100 million each to support its research, and founders hope that with federal grants, the center will grow to be a more-than half billion dollar enterprise...
Among its founding faculty are professors from MIT, Whitehead, the Faculty of Arts and Science (FAS) and Harvard Medical School (HMS). It will bring together basic, applied and clinical scientists, with experts from fields including computational biology, chemistry and engineering...
...Broad Institute will be located near Whitehead and MIT in Cambridge’s Kendall Square neighborhood, an area seeded with biotechnology firms. The institute will have 15 associated faculty members when it is launched later this year, and Lander will be appointed to the HMS faculty at that time...
Lander and the institute faculty will develop its research priorities, but will ultimately report to an executive committee consisting of Summers, MIT President Charles M. Vest and Eli Broad, who is currently chair of financial services giant AIG SunAmerica...