May 11 (Bloomberg) -- The University of Pennsylvania School of Medicine, the oldest medical school in the U.S., received $225 million from Raymond Perelman and his wife, Ruth, the largest single contribution in the institution’s 246-year history.
The gift will increase the School of Medicine’s financial aid budget by at least 20 percent for the 2012 class and will be used to recruit physicians and scientists, as well as to support research, according to a statement today from the Philadelphia institution. It will be renamed the Raymond and Ruth Perelman School of Medicine, the statement said.
Raymond Perelman is a Penn Medicine trustee and chairman of RGP Holdings Inc., a privately held investing company. The Perelmans are the parents of Ronald Perelman, the billionaire chairman and chief executive officer of REV Holdings LLC.
“Raymond and Ruth’s gift propels us to redouble our efforts to make Penn a global model of a comprehensive academic medical center,” said Amy Gutmann, Penn’s president, in today’s statement. The gift is “both transformational and inspiring.”
The gift brings Penn’s Making History capital campaign to $3.31 billion, almost 95 percent of the campaign’s $3.5 billion goal by June 2012. With today’s donation, the Perelmans have contributed more than $250 million to the campaign, according to the statement.
Penn’s endowments increased by 9.6 percent to $5.67 billion in 2010, and the university received the 11th largest amount among U.S. and Canadian schools, according to the National Association of College and University Business Officers.
The Perelmans in 2005 gave Penn $25 million to create the Ruth and Raymond Perelman Center for Advanced Medicine, which is part of the University of Pennsylvania Health System. The center opened in 2008, according to the statement. They also endowed a professorship in internal medicine.
“Ruth and I believe the future of medicine depends on the ability to produce world-class clinicians and researchers, the hallmarks of Penn and a Penn education,” said Raymond Perelman, in the statement. “We are confident that Penn’s outstanding faculty and students will continue to make significant contributions to medicine in the years ahead.”
Penn’s School of Medicine, which has 2,200 students and trainees and 1,800 faculty members, was founded in 1765. The National Institutes of Health awarded the school $508 million in the 2010 fiscal year.
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