Navigation Links
U-M Purchase of Former Pfizer Facility Nears Completion, Paving the Way For Research Expansion and Job Creation
Date:5/15/2009

ANN ARBOR, Mich., May 15 /PRNewswire-USNewswire/ -- Within weeks, the University of Michigan will take ownership of a 174-acre research campus that will provide a springboard for new discoveries, job creation and educational opportunity -- and offer a wise investment for U-M's future.

U-M's purchase of the former Pfizer pharmaceutical research facility adjacent to the University's current North Campus will be completed on June 16, said executive vice president and chief financial officer Timothy Slottow at a May 14 U-M Board of Regents meeting in Dearborn.

A due-diligence period will end this coming Monday, May 18, paving the way for the University to purchase the campus and its contents from Pfizer for $108 million. The first U-M offices on the campus may open this fall, and the first laboratories in early 2010.

In all, the purchase will lead to the creation of 2,000 to 3,000 high-quality new jobs in the next decade -- replacing many of those lost in the closure of the facility that had been a pharmaceutical research hub for more than 50 years.

Many of those jobs will come as new scientists and their teams are attracted to Ann Arbor, or as existing research teams add new members. Other jobs will arise from U-M's increased engagement with the private sector, including the potential for existing and startup companies to use space on the new campus.

The purchase will foster immediate expansion of U-M's already robust and rapidly growing research enterprise, which is one of the largest in the United States, approaching $1 billion in annual expenditures.

Buying the Pfizer site will save U-M both time and money over the long term compared with the cost of building new research facilities -- even after renovations and maintenance are accounted for. The campus is especially ideal for the University's growing research activities in health, biomedical sciences and other disciplines, which have been hampered in recent years by lack of research space.

The purchase includes four parcels of land and 30 buildings encompassing nearly 2 million square feet of sophisticated laboratory facilities and administrative space, along with furnishings. In all, the campus will expand U-M research capacity by 10 percent.

The funds for the purchase will be drawn almost entirely from U-M Health System reserves -- money that has been set aside over the years to meet emerging strategic needs. The University's investment proceeds will fund the rest of the purchase of the property. Renovation and operating costs will be borne by the Health System and by other University units whose researchers and staff will occupy the campus. No state taxpayer or tuition dollars will be used to fund this purchase.

A strategic planning process, begun earlier this year, will determine how the new campus will be put to use, and how existing space on the medical, main and north campuses will be repurposed as some functions move to the new campus. U-M leased space for related administrative functions will also be examined to allow for the most efficient use of resources.

The purchase of the Pfizer property is the University's largest since 1950, when U-M bought 300 acres to develop what is today North Campus. U-M originally owned the majority of the land contained in the purchase, and sold some of it to the Parke-Davis pharmaceutical company in 1957. Parke-Davis, a division of Warner-Lambert, became part of Pfizer in 2000. U-M sold the additional land to Pfizer in 2002, with a right to purchase that parcel if Pfizer ever decided to sell it.

This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com.


'/>"/>
SOURCE University of Michigan Health System
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Sen. Max Baucus: Answer 10 Questions About Mandatory Purchase of Health Insurance Including Why the Public Was Excluded From Todays Committee Meeting
2. Eye Care Centers of America Bonds Purchased
3. Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $20 Million of Common Stock and Warrants
4. Blue Cross Blue Shield of Michigan Plans to Offer Customer Groups Ability to Purchase Coverage of Autism Treatment Programs that Provide Intensive Early Intervention
5. Organizations Have Federal Government Tax Incentives to Purchase Remstar Automated Systems for 2009
6. $89 Million Proposed Class Action Settlement Provides Consumers and Insurers With Money Back for Celebrex and Bextra Purchases and Reimbursements
7. Christiana Care Health System to Purchase Wind Power
8. All Persons Who Purchased or Acquired the Common Stock of Sunrise Senior Living, Inc. (Sunrise) Between February 26, 2004 and July 28, 2006, Inclusive, and Were Damaged Thereby (The Class)
9. Dialysis Corporation of America Announces Share Repurchase Program
10. Chemed Corporation Purchases a Second Corporate Jet - MMI Investments Demands an End to Chemed Corporate Largesse
11. Aegis Living Completes Purchase of Real Estate in Aptos
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/9/2016)... , ... December 09, 2016 , ... ... at The Pierre Hotel in New York, NY, on December 3rd, to benefit ... and physicians attended the annual event, which raised over $1 million - the ...
(Date:12/8/2016)... ... December 08, 2016 , ... The Florida Hospital Tampa ... Hyperbaric Medical Society (UHMS), the leading authority in hyperbaric medicine. This accreditation identifies ... few hospitals and facilities have earned this distinction. This is the second time ...
(Date:12/8/2016)... ... 2016 , ... Mirixa Corporation , a leading healthcare ... patient care services, has announced the promotions of Karen Litsinger to senior vice ... sales. , Litsinger joined Mirixa in 2008 after serving as a partner ...
(Date:12/8/2016)... Tampa, Fla (PRWEB) , ... December 08, 2016 ... ... offering smarter modes of access for customers and employees that are both engaging ... ChangeGear 7 with Service Smart Technology, the software company revealed today its plans ...
(Date:12/8/2016)... Cambridge, MA (PRWEB) , ... December 08, 2016 , ... ... decreases in medical payments per workers’ compensation claim in 2013 and 2014, according to ... Workers Compensation Research Institute (WCRI) . , According to the study, medical payments per ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... VIEW, Calif. , Dec. 8, 2016 IRIDEX ... intends to offer newly issued shares of common stock, $0.01 ... pursuant to an underwritten public offering.  The final terms of ... the time of pricing, and there can be no assurance ... IRIDEX expects to use the net proceeds it ...
(Date:12/8/2016)... Australia Glaucoma Surgery Devices Market Outlook ... "Australia Glaucoma Surgery Devices Market Outlook to 2022", ... Surgery Devices market. The report provides value, in ... average prices (USD) within market segement - Glaucoma ... shares and distribution shares data for each of ...
(Date:12/8/2016)... -- The global biosurgery market is expected to grow at ... 2016 to 2021. The market is poised to reach ... in 2016. The market is primarily driven by rising ... and spinal problems, increasing clearance of biosurgery products by ... management. In this report, the biosurgery market ...
Breaking Medicine Technology: