Duarte, Calif.-based City of Hope will invest $1 billion in a new hospital and research center conducting clinical trials of new drugs and devices in Irvine, Calif., according to the Los Angeles Times.
Nearly half of the investment will be spent on building and buying the new facilities. The property City of Hope is acquiring includes a four-story building, which will be updated and used as a center for cancer research and treatment. City of Hope will also build a hospital, which will be completed by 2025, City of Hope President and CEO Robert Stone told the Los Angeles Times.
Mr. Stone said the project in Irvine will be funded by philanthropic contributions and revenue from research licenses.
Access the full Los Angeles Times article here.
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