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Phillip Frost’s $100M gift to University of Miami to create Frost Institute

A $100 million gift to the University of Miami by Dr. Phillip Frost, South Florida billionaire and CEO of biotechnology firm Opko Health (Nasdaq: OPK), will be used to create the Frost Institute for Science and Engineering.

The institute will work to help solve some of the world’s “most pressing problems” by elevating STEM — science, technology, engineering and mathematics.

“Patricia and I are committed to making Miami a hub for technological and scientific innovation, which is the main reason for our support of basic and applied sciences and engineering at the University of Miami,” Frost said. “If we build the framework from which to provide the education and resources, we will be successful in attracting world-class scientists across various disciplines.”

A portion of the $100 million gift will be used to build a modern science and engineering building on UM’s Coral Gables campus, to be named the Phillip and Patricia Frost Science and Engineering Building.

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