UT Austin to Get $50 Million for Cancer Center From Livestrong

Aug 19, 2014 12:06 pm ET

Aug. 19 (Bloomberg) -- The University of Texas will receive a $50 million gift from the Livestrong Foundation for a cancer center at the medical school it’s building in Austin.

The funds will be invested over 10 years to create the Livestrong Cancer Institutes, the Austin-based cancer support charity said today in a statement.

The facility will “break new ground in patient-centered care” with innovative teaching and research, the university said today in a separate statement. The Dell Medical School -- named for Dell Inc. founder Michael Dell and his wife Susan -- is scheduled to admit its first class of 50 students in 2016, according to the school.

Livestrong, founded by cyclist Lance Armstrong, dropped its affiliation with the athlete in 2012 amid charges he cheated by using performance-enhancing drugs. Last year, Armstrong, a cancer survivor, admitted to using the banned substances.