STORRS, Conn. (AP) – The UConn Foundation says the CEO and founder of generic drug developer Chemwerth Inc. has committed $22.5 million to the university, the second-largest pledge in its history.

The nonprofit said Monday $2.5 million will be paid over the next five years to establish the Peter J. Werth Institute for Entrepreneurship and Innovation.

The institute will seek to bring together student and faculty programs, fostering entrepreneurship and innovation that potentially has commercial
application and can be used to create new companies.

The remaining $20 million from Peter Werth is an estate gift that will provide ongoing support for the institute in perpetuity.

Werth, who didn’t attend UConn, says he sees the importance of creating opportunities for innovation at the state’s “flagship university.”

The school received a $23 million pledge in 1999.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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