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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 scien
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SOURCE University of Michigan Health System
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