The University of Virginia (UVA) has announced plans to construct an Institute of Biotechnology after obtaining the largest contribution it has ever received—a $100 million bequest from investor Paul Manning and his wife, Diane.

The university will invest a total of $150 million in the institute, which will be named after Paul and Diane Manning, in addition to the donation from the Manning couple. The Commonwealth of Virginia will also contribute a significant amount of $50 million to support the institute’s launch.

Leaders from UVA Health and the University of Virginia gathered last week to celebrate the biotechnology institute’s opening and hailed it as a new chapter for healthcare research and treatment in Virginia and beyond.

The Manning Institute is anticipated to transform Virginian medicine and strengthen the state’s and Commonwealth’s economy. The institution claims that UVA will be at the forefront of contemporary medicine with regard to cellular and gene therapies that transform the way diseases are treated.

In particular, the new center will promote medical research in areas like immunotherapy, nanotechnology, and others to benefit patients all over the world and make sure Virginia residents don’t have to travel outside the state for care.

The Manning Institute is anticipated to help the University of Virginia attract gifted students and increase funds for its research in addition to advancing research.