$100 million for biomed research to Technion

Biomed billionaire Alfred Mann has agreed to donate $100 million to the Israel Institute of Technology, or the Technion to set up the second of a planned series of twelve institutes at major research universities.

The Technion institute, like the others, will seek to develop new drugs. Mann picked the university in part because the university is trying to match doctors with engineers and other scientists to come up with medical and drug breakthroughs.

Mann, who is estimated to be worth over $2 billion, has already donated $100 million to USC.

The university, which has been the core core of Israel's tech industry has been suffering in recent years from budget cuts.