Boston-based Vertex Pharmaceuticals (NSDQ:VRTX) announced today that it plans to spend $500 million over 10 years in support of an array of initiatives – including a $50 million investment in science, technology, engineering, arts and math education for underserved students and young women.
Vertex is also extending its collaboration with Boston’s public school system, giving students access to Vertex’s 3,000 square foot learning lab, along with mentoring and internship opportunities and full scholarships to the University of Massachusetts.
“Giving back is part of who we are at Vertex – it’s in our DNA,” president, chairman & CEO Dr. Jeffrey Leiden said in prepared remarks. “This new 10-year commitment will provide many more opportunities for Vertex and its employees to make a difference in the lives of people with serious diseases and those living in our communities.”
The company said that its corporate giving commitment with focus on the cystic fibrosis patient community and its ability to access Vertex’s medicines, STEAM education, supporting young physicians and fostering an ecosystem of innovation in the company’s local communities.
“For Vertex, innovative ideas that transform lives have never been restricted to lab rooms,” congressman Joe Kennedy III (D-Mass.) said. “With this investment in their neighbors, patients, and local students, Vertex can both strengthen their community today and expand our Commonwealth’s workforce of tomorrow.”
“In Boston, we are lucky to have companies like Vertex stepping up and contributing to our city and our future workforce,” Boston mayor Martin Walsh added. “This commitment will mean thousands of students across the City will continue to have the opportunity to get hands-on experiences in STEAM and see a place for themselves in Boston’s thriving innovation economy.”
The pharma company also said that it will launch The Vertex Foundation next year, with an initial gift of $10 million.