A global drug maker has donated $2 million to the N.C. Cancer Hospital.
The gift comes from sanofi-aventis, a Paris-based drug manufacturer that has long funded cancer-related initiatives at UNC Chapel Hill. The N.C. Cancer Hospital is a new facility on the UNC-CH campus, a massive expansion of its clinical cancer operations. The $2 million will go into the hospital's endowment, to be used for new clinical programs, research and patient and family support services.
With the donation, the hospital's endowment is worth nearly $4 million. Generally, universities spend about 5 percent of their endowments each year, which means the sanofi-aventis donation will provide about $100,000 a year.
While endowment donations are often used to pay for facilities expansion, the new, $207 million cancer hospital was funded by the state. Thus, its endowment will be used solely for research and support programs.
"At a time of financial stress when other states are pulling back on health care, North Carolina is stepping up, and so is private industry," said UNC-CH Chancellor Holden Thorp Monday during a brief ribbon-cutting ceremony at the hospital.
A high-tech conference room at the hospital is being renamed for the drug company.
For more on the donation, click here.