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Life Sciences Wins Big in PA Tobacco Settlement Plan
After nearly two years of discussion between the state legislature and the Governor’s office, Pennsylvania has enacted a plan for its $11 billion share of the national tobacco settlement. The final plan includes $160 million in one-time outlays for research and commercialization of life science technologies and a formula ensuring research gets nearly one-fifth of the total money received over the 25-year span of the settlement agreement.
Highlights include:
- A one-time payment of $100 million for three Life Science Greenhouses, modeled on the Pittsburgh Digital Greenhouse initiative launched two years ago. The Life Science Greenhouses will be a network of innovation centers based at research universities in Philadelphia, Pittsburgh and Central Pennsylvania.
- A one-time investment of $60 million for health and biotech-related venture capital. The state funds are expected to draw an additional $180-200 million in private investment.
- Nineteen percent of the money each year – more than $65 million in the first year – will support innovative health-related university and medical institute research.
More information is available at http://www.dced.state.pa.us/PA_Exec/DCED/newevent/current.htm