Scripps ends merger talks with USC

The world’s largest private biomedical research institute, with campuses in San Diego, California, and Jupiter, Florida, Scripps has been forced to the altar because of financial troubles. It gets the lion’s share of its annual operating budget of $310 million from federal research grants, primarily from the National Institutes of Health (NIH). But the amount of NIH dollars Scripps brings in has dropped 12% between 2007 and 2013. Scripps has also failed to find successors to lucrative deals with pharmaceutical firms that have ended.USC, by contrast, has both deeper pockets and more diverse sources of income. In addition to undergraduate tuition and income from clinical services, USC is in the midst of a campaign to add $6 billion to its endowment.Media reports about the proposed merger suggested that USC was offering to pay $15 million over 40 years to absorb the 262-member Scripps faculty. But those researchers revolted. Ten department chairs and a dean sent a letter to Marletta and Gephardt saying the proposed terms of the deal were “not even close to what it would take to build faculty support.” Chemical & Engineering News reported yesterday that Scripps faculty members voted nearly unanimously to reject Marletta’s leadership, a message Scripps officials seem to have heard loud and clear. Click to view the privacy policy. Required fields are indicated by an asterisk (*) The marriage is off. Officials at the Scripps Research Institute announced yesterday that they’ve called off discussions with the University of Southern California (USC) on a possible merger. The two institutions began exploring the idea of partnering last month. But a bitter revolt from Scripps faculty seems to have scuttled the talks.“Representatives from The Scripps Research Institute’s Board of Trustees, administration and faculty are in the process of coming together to analyze and discuss the strategic future of Scripps, reviewing a broad range of thoughtful alternatives to choose the best path forward for the institution,” reads a statement from Scripps’s president, Michael Marletta, and the chair of its board of trustees, Richard Gephardt. “To facilitate the holistic nature of this review, the current nonbinding letter of intent on discussions about a broad partnership with the University of Southern California (USC) has been terminated by mutual consent of both parties. We appreciate USC’s spirit of collaboration and look forward to continuing joint research projects among our scientists.” Sign up for our daily newsletter Get more great content like this delivered right to you! Country Email Country * Afghanistan Aland Islands Albania Algeria Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia, Plurinational State of Bonaire, Sint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo Congo, the Democratic Republic of the Cook Islands Costa Rica Cote d’Ivoire Croatia Cuba Curaçao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See (Vatican City State) Honduras Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, Democratic People’s Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People’s Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macedonia, the former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Martinique Mauritania Mauritius Mayotte Mexico Moldova, Republic of Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Norway Oman Pakistan Palestine Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Qatar Reunion Romania Russian Federation Rwanda Saint Barthélemy Saint Helena, Ascension and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Martin (French part) Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten (Dutch part) Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Vietnam Virgin Islands, British Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe

Related Post

Be the first to comment

Leave a Reply

Your email address will not be published.