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The 77-year-old Broad, whose net worth was pegged last year by Forbes magazine at $5.
I live here and I love the city,'' he said, noting he has established the Broad Center for the Biological Sciences at the California Institute of Technology and the Edythe and Eli Broad Art Center at the University of California, Los Angeles.
Broad, who recently turned 70 and has stepped down from the helm of the companies, said he wants to be able to direct how his money is donated.
Of all of our philanthropy, the Broad Institute has been the investment that has yielded the greatest returns," said Eli Broad, founder of The Eli and Edythe Broad Foundation.
Eli and Edythe Broad are true visionaries," said Eric Lander, founding director of the Broad Institute.
With this significant endowment of the Broad Institute by Eli and Edythe Broad -- and the collaboration and support of the industry, academia, business and government through the Massachusetts Life Sciences Initiative -- we are on our way to helping find new cures for diseases, creating new jobs, and positioning ourselves for long-term economic growth.
In the Broad Institute's short history, its researchers have already made major contributions to biomedicine.
Cambridge and Boston are world-renowned for their creative, scientific minds and unrivaled biomedical community, and the Broad Institute is uniquely positioned to realize the full potential of these intellectual resources," said Susan Hockfield, president of MIT.
The Broad Institute of Harvard and MIT was founded in 2003 to bring the power of genome-based knowledge to medicine.
Organized around scientific programs and platforms, the unique structure of the Broad Institute enables scientists to collaborate on transformative projects across many scientific and medical disciplines.
For further information about the Broad Institute, go to http://www.
The Broad Foundations were established by entrepreneur and philanthropist Eli Broad to advance entrepreneurship for the public good in education, science, and the arts.