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Fri Oct 6, 2017, 03:47 AM

'We're ready to move forward': University of Utah to pay $68M to cancer institute

‘We’re ready to move forward’: University of Utah to pay $68M to cancer institute under new agreement with Huntsman family

Following months of occasionally tense negotiations, the University of Utah board of trustees on Thursday approved a new memorandum of understanding outlining operations, fundraising and governance of the Huntsman Cancer Institute in Salt Lake City.

The university agreed to pay $68 million to the institute, to be distributed in installments, in response to a yearslong dispute with the Huntsman family over the school’s obligation to support operational costs.

In return, the Huntsman Cancer Foundation recommitted to providing $120 million in new donations by 2025 and agreed to a detailed formula for how Huntsman Cancer Hospital revenues will be shared with the U. Health Care System and the Huntsman Cancer Institute.

“We’re ready to move forward,” said A. Lorris Betz, interim CEO of U. Health Care. “This was a negotiation. Negotiations result in some compromise.”

Read more: http://www.sltrib.com/news/2017/10/05/were-ready-to-move-forward-university-of-utah-and-huntsman-family-reach-new-agreement-over-cancer-institute/

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