Tuesday, October 9, 2007

MIT alum gifts school with $100M for cancer center

MIT reports it has received a $100 million donation to fund cancer research from MIT alum and manufacturing executive David H. Koch.

Koch, a co-owner along with his brother Charles Koch of the multibillion-dollar Koch Industries based in Wichita, Kan., earned both a bachelor's degree and master's degree in chemical engineering from MIT.

He serves in a variety of roles, including executive vice president and a board member of Koch Industries, a company founded by his father, Fred Koch.

The money is expected to be used to establish the David H. Koch Institute for Integrative Cancer Research in a new research facility set to open in 2010, according to MIT officials. Approximately 25 MIT engineering and science faculty members are expected to work in the new laboratory, including Nobel Prize laureate Phillip Sharp and MIT professor and entrepreneur Robert Langer. MIT officials have named Tyler Jacks, professor of biology at MIT, as director of the institute.

Koch, who is a cancer survivor, has pledged more than $400 million to cancer research, education and cultural institutions, according to MIT officials. Prior to this latest gift, Koch had contributed money to MIT to establish the David H. Koch School of Chemical Engineering Practice.

Prior to joining Koch Industries in 1970, Koch served as a research engineer and process design engineer for Amicon Corp. and Arthur D. Little Inc.

Koch Industries Inc. reports annual revenue of $90 billion and employs 80,000 workers worldwide. Koch Industries is a conglomerate of companies that specialize in a range of industries including manufacturing fiber for carpets and development of chemicals used in manufacturing. Koch also serves as the CEO of Koch Chemical Technology Group LLC, a subsidiary of Koch Industries, and as a member of the board of associates at the Whitehead Institute for Biomedical Research at MIT.