West Virginia University to Acquire Neuroscience Facility
West Virginia University has agreed to acquire the Blanchette Rockefeller Neurosciences Institute in Morgantown.
WVU announced Tuesday the planned acquisition of the institute, which filed for Chapter 11 bankruptcy protection last week.
Now-retired U.S. Sen. Jay Rockefeller founded the nonprofit institute in 1999 in honor of his mother, who died from complications from Alzheimer's disease. The institute is located at WVU's Health Sciences Center campus.
Under the terms of the agreement, WVU would consolidate its neurosciences research under a new WVU Blanchette Rockefeller Neurosciences Institute.
Eleven institute employees will be offered comparable positions at WVU. The university plans to invest about $8.4 million over the next several years, including the amounts paid for the institute's assets and name.
The agreement must be approved by a federal bankruptcy court.