Utah philanthropists Jon and Karen Huntsman will donate the bulk of the proceeds from the sale of their chemical company to their charitable foundation in Salt Lake City, primarily to support cancer research, the Salt Lake Tribune reports.

The couple will receive approximately $1 billion from the sale of Huntsman Corp. to Netherlands-based Basell, most of which they have already earmarked for charity, including the transfer of stock valued at $600 million to the Huntsman Foundation. Jon Huntsman, Sr., who will continue as chairman of the chemical company, said he expects the foundation will eventually receive close to $1.4 billion. The Huntsman Cancer Institute, which they founded at the University of Utah in Salt Lake City, will also benefit from the company's sale. "It is hard to say right now what this will mean for the...institute," said Huntsman, "other than it will provide increased financial underpinnings and support for it to accomplish its mission," and increase its research capabilities to find a cure for cancer based on genetic research.

According to Janet Bingham, president and CEO of the Huntsman Cancer Foundation, the institute is completing a new strategic plan that focuses on cancer research, recruitment of top scientists, physicians, and staff, expansion of research space, and the purchase of new technology. The foundation provides about a third of the institute's funding. "This is a great day for cancer patients and their families," said Bingham. "The Huntsmans...have always supported cancer research, and I believe that will continue to be their top priority."