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Thursday, December 18, 2008

U-M To Buy Ann Arbor Pfizer R&D Labs For $108 Million

ANN ARBOR - The University of Michigan announced plans Thursday to purchase the former Pfizer R&D facilities for $108 million. U-M officials said the move will directly create at least 2,000 jobs during the next decade and accelerate expansion of the nationā's second ranked research university's activities, so critical to the state's economic development.

"This purchase is an investment in the future of the University of Michigan and of our state," U-M President Mary Sue Coleman said in a statement. "These facilities will help attract more research funding to the area, allowing us not only to broaden our contributions as one of the nation's premier research universities, but also to strengthen the region's ability to stimulate new business."

U-M expects to close on the Pfizer property in June after due diligence and compliance with any state and regulatory requirements, the press release said. Officials said the purchase price of $108 million will be drawn almost entirely from U-M Health System reserves, funds set aside over the years to meet strategic needs. The university's investment proceeds will fund the rest of the purchase.

U-M says it plans to recruit scientists to Ann Arbor to work in the former Pfizer labs. The U-M anticipates hiring 2,000 researchers and support staff during the next 10 years.


Author: Staff Writer
Source: MITechNews.Com

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