Cold Spring Harbor Laboratory in Cold Spring Harbor, New York, has announced a $10 million grant from the Pershing Square Foundation to establish an endowment fund for its biology and genetics research and education programs.

According to the terms of the fund, which will be managed by Pershing Square Capital Management, CSHL will receive an annual income of 5 percent of the principal for cutting-edge research and education. In 2040, the appreciated principal will be released to CSHL as an unrestricted endowment named the Pershing Square Innovation Fund that will support research at CSHL in perpetuity.

"This important gift perfectly addresses the need for flexibility in funding contemporary science," said CSHL president and CEO Bruce Stillman. "With [an] unrestricted endowment, we can be nimble in our decisions to support pioneering projects and game-changing discoveries to improve human health. We are grateful to have Bill and Karen Ackman and the Pershing Square Foundation as our partners in advancing basic science."