The Immune Disease Institute in Boston has officially merged with Boston Children's Hospital, according to a Boston Business Journal report.
Under the agreement, the hospital will absorb IDI's operating losses for the next five years for up to $1 million in any given fiscal year. In the fiscal year ended Sept. 30, 2011, IDI had $29.9 million in revenue and a net operating loss of $9.1 million, according to the report.
Boston Children's Hospital will also reimburse IDI for half the "salary, benefits and start-up expenses associated with up to three new faculty recruits for up to three years," according to the report.
The deal — which closed yesterday — builds on an affiliation the hospital and institute have held for nearly four years centered around the research and development of immunology therapies, according to the report.
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Under the agreement, the hospital will absorb IDI's operating losses for the next five years for up to $1 million in any given fiscal year. In the fiscal year ended Sept. 30, 2011, IDI had $29.9 million in revenue and a net operating loss of $9.1 million, according to the report.
Boston Children's Hospital will also reimburse IDI for half the "salary, benefits and start-up expenses associated with up to three new faculty recruits for up to three years," according to the report.
The deal — which closed yesterday — builds on an affiliation the hospital and institute have held for nearly four years centered around the research and development of immunology therapies, according to the report.
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