VC investor Paul Manning donates $100M to UVA for new R&D institute
PBM Capital’s Paul Manning has donated $100 million to the University of Virginia, and it’s going to be used to advance drug development.
At a ceremony on campus Friday, leaders from across the university and UVA Health announced the launch of the Paul and Diane Manning Institute of Biotechnology. State officials, including Virginia Gov. Glenn Youngkin and Virginia House of Delegates Speaker Todd Gilbert, were also present.
While also emphasizing modalities such as cellular therapy, gene therapy and nanotechnology, the institute’s main goal will be to help find new treatments and cures for “even the most challenging and devastating diseases,” according to an announcement from the university. The institute will also allow UVA to expand its clinical trial offerings.
The crown jewel of the new institute will be a new high-tech facility located in Fontaine Research Park, on the west side of the university’s campus. While additional details such as the name are to be announced at a later date, the announcement says that the facility will bring research, manufacturing and patient care space under one roof.
UVA’s provost and chief academic officer Ian Baucom said in a statement that this is the type of facility “most universities can only dream of,” adding that it will help the university in terms of recruiting talent.
The institute, while leveraging $100 million from the Mannings, will be supported by an initial investment of $300 million. The remaining $200 million comes from two other entities: $150 million from UVA, and the final $50 million from the state of Virginia.
Manning got his wealth from the sale of PBM Products, a company that makes private-label infant formula. Following the sale of the company to Perrigo for $800 million, Manning started up PBM Capital in 2010.
Since then, PBM Capital has had its hands involved in several biotechs over the years, including SalioGen, Taysha Gene Therapies, and Candel Therapeutics — the company headed by former GSK vet Paul Peter Tak, once GSK’s chief immunology officer. One of the biggest successes was AveXis, the gene therapy outfit acquired by Novartis in 2018 for $8.7 billion.
A spokesperson for the university did not immediately respond to Endpoints News.