Friday, December 26, 2014

Ray Perelman gives Penn Med $225 million

Investor Ray Perelman gives Penn $225 million in exchange for renaming the School of Medicine after himself and his wife

Ray Perelman gives Penn Med $225 million

Philadelphia investor Ray Perelman, 93, gives a chunk of his fortune to Penn and gets naming rights to the 245-year-old School of Medicine. Here's the statement Penn's top leaders sent students, staff, alumni:

TO:         Members of the University community  

FROM:     David L. Cohen, Chair, Board of Trustees

              Amy Gutmann, President

RE:         University of Pennsylvania Announces $225 Million Gift

Dear fellow Quakers,

We are delighted to inform you that Raymond and Ruth Perelman have contributed $225 million to Penn’s School of Medicine, the largest single gift ever given to the University and the largest single gift to name a medical school in United States history.

In recognition of this unique and wonderfully generous gift, the school will be renamed the Raymond and Ruth Perelman School of Medicine at the University of Pennsylvania. This gift will establish a permanent endowment, which enable Penn to provide significantly more financial aid to medical school students, to recruit more of the world’s most talented physicians and scientists, and to support path-breaking research that will lead to advances in medicine and medical care.

The Perelmans are two of Penn’s most steadfast supporters, and this momentous gift brings their total contributions to Penn’s Making History campaign to more than $250 million. Most recently, they supported the construction of the state-of-the-art Ruth and Raymond Perelman Center for Advanced Medicine, as well as an endowed professorship in internal medicine. With their incredibly generous support, our overall campaign total to date now stands at $3.31 billion - 94.6 percent of our $3.5 billion goal.

This is a transformational time for our beloved University. We are deeply grateful to Raymond and Ruth Perelman for helping us make history, and we are emboldened by the trust that they have shown in the future of medicine at Penn. We will redouble our efforts to make Penn a global model of a comprehensive academic center, which integrates the most innovate research, education, and patient care for the betterment of humankind.

Sincerely,

David L. Cohen

Amy Gutmann
Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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