Billionaire David Koch Pledges Record $150 Million For New Cancer Center

David Koch, the 7th richest man in the world with a net worth of $42.7 billion, has pledged $150 million to Memorial Sloan Kettering to build a new outpatient cancer facility on Manhattan’s Upper East Side, the world-renowned cancer center announced Wednesday. The commitment is both the largest ever given by Koch and the largest ever received by Sloan Kettering. The hospital would not disclose the number of years over which the pledged donation will be made.

Koch, who controls $115 billion (sales) industrial conglomerate Koch Industries with older brother Charles, is a long-time benefactor of Sloan Kettering. He’s served on its board of overseers and managers for 25 years, and with this gift has now donated or pledged $225 million to the institution.

His latest donation will fund the 23-story David H. Koch Center for Cancer Care, which will focus on providing cutting-edge therapies and clinical trials to patients, according to a press statement by Sloan Kettering. The private cancer center provides outpatient care to an average of 4,700 patients per day — a figure they expect to increase by 60% over the next decade.

“It is my ardent hope now that the new Center for Cancer Care will transform cancer treatment worldwide, with the utmost emphasis on the needs of patients and their families,” Koch said in the statement.

Koch’s gift tops last year’s $100 million donation to Sloan Kettering by private-equity baron Henry Kravis to build a ‘precision oncology’ program.

The 750,000-square-foot cancer center, which will over look the East River, is set to open in 2019. The gift will bring Koch’s lifetime giving to $1.3 billion, according to the press statement from Sloan Kettering.

source: forbes.com

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