PALM BEACH COUNTY, Fla .– For just $ 100, the University of Florida will purchase the assets of Scripps Research Florida, including three buildings in Jupiter, 70 acres of vacant land, and other assets and liabilities upon integrating the biomedical operation of the non-profit organization with the state university. university health center research operation next month.

In 2003, the state of Florida paid California-based Scripps $ 310 million for a campus adjacent to Florida Atlantic University in Abacoa to attract biotech companies. Palm Beach County added $ 269 million.

On November 16, announced the merger that brings together private and public institutions. In July, the two institutions announced they were in talks to merge.

The details of the transfer are set out in an asset transfer agreement. UF provided the agreement to in response to a request for public registration, and WPTV also received the 59-page agreement.

According to the document, the sale must be closed by Jan. 18.

As part of the deal, Scripps will hand over UF $ 102.4 million in cash, most of it spent on ongoing projects, less $ 3 million for transition costs.

The 500 employees will become members of the UF Health Science Center, known as UF Health.

The university may use the name Scripps.

“Upon closing, UF may adopt a name for the institute that incorporates ‘Scripps’ in combination with a recognized name of UF in an acceptable form and subject to TSRI’s final approval, at no cost and subject to of a mutual agreement of a pleasant brand license agreement to be concluded by the parties at the time of the closing, ”states the agreement.

A Scripps Research Institute graduate student program will continue on the Florida campus at least until the end of the current accreditation period in 2030. The program has included faculty from the Florida and La Jolla campuses, in California,

In August, county and West Palm Beach officials announced they were in talks with University of Florida officials to build a campus for graduate students somewhere in the city.

West Palm Beach Mayor Keith James said authorities have identified 12-14 acres of municipal, county and private land near downtown West Palm Beach that could potentially serve as a site for engineering colleges and commerce, as well as student accommodation.

With the expansion of Scripps, Palm Beach County purchased 70 acres of vacant land for $ 70 million across from Scripps in Palm Beach Gardens with the intention of developing a “biotech village.”

Palm Beach County also spent more than $ 100 million to develop the Mecca Farms site, which it sold in 2013 to the South Florida Water District for $ 26 million, according to the Palm Beach Post.

Then Governor Jeb Bush envisioned 50,000 jobs in 15 years. Although the goal was not met, the Max Planck Florida Institute for Neuroscience later came to Jupiter.

“Florida has supported us in creating a world-class institute, and Scripps Florida with UF, as part of Florida’s largest research and education community, will have a tremendous impact on scientific research and development. human health, ”Dr. Peter Schultz, Ph. D., president and CEO of Scripps Research, based in La Jolla, Calif., said in November.

Areas of collaboration: cancer; drug discovery; immunology and infectious diseases; neuroscience, including Alzheimer’s disease and other diseases related to aging, as well as autism, HIV / AIDS, structural biology and molecular medicine.

The findings of researchers at Scripps Florida have led to several hundred patents and numerous spin-off companies.

UF has previously had research collaborations with Scripps.

“We are delighted to be working with our colleagues at Scripps to quickly bring the findings made to the bedside bench, where they can have the most benefit for humanity,” said Dr. David R. Nelson , senior vice president of health affairs at UF and president of UF Health, the university’s academic health center. “We look forward to cultivating a culture of innovation that will extend from the exceptional science already underway. “

UF and UF Health are committed to working with Scripps Florida leadership over the next five years to hire additional professors at Jupiter.

Scripps has received nearly $ 50 million in funding from the National Institute of Health and over $ 67 million in total research funding, which includes industry support.

UF spent $ 942 million on research expenses in the last fiscal year, including $ 143 million in NIH grants, the highest in the state.