Former CVS CEO and Wife Donate $35 million to University of Rhode Island

Former CVS CEO and Wife Donate $35 million to University of Rhode Island

Former CEO of CVS Thomas M. Ryan and his wife Cathy Ryan have made the largest private gift to the University of Rhode Island in the school's history.

The gift announced on Monday is $35 million. Now, the Ryans have made gifts in total of $56 million.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

“The vast majority of the gift will provide transformational funding for academic purposes, including an expansion of research and teaching capacity in neuroscience and the creation of a scholars program to attract high-performing students,” said URI in the press announcement.

Ryan is one of the owners of the Pawtucket Red Sox.

“Tom and Cathy Ryan have been outstanding leaders and dedicated advocates for the University of Rhode Island,” said URI President David M. Dooley. “This extraordinary gift demonstrates their commitment to all aspects of the URI experience, including the mission of academic excellence within our student body, the vital research taking place in the Ryan Institute for Neuroscience, and the community spirit that comes from excellence in athletics.”

According to URI, the gift includes $24 million for the George & Anne Ryan Institute for Neuroscience and $10 million to establish the Thomas M. Ryan Scholars.

“Cathy and I are pleased (and fortunate) to be able to give this gift to the University of Rhode Island,” said Ryan. “Our hope is these monies will allow URI to maintain its trajectory as a top-flight university for teaching and learning while continuing to grow its dynamic research capabilities, especially in the area of neuroscience.”

Funds for the Ryan Institute, a blend of endowment and operating resources, will further cutting-edge neuroscience research through expanded laboratory facilities. This will continue the rapid growth of the Ryan Institute, established by the Ryans in 2013 with a $15 million commitment, the largest private gift to URI at that time.

“This new gift will propel interdisciplinary research and outreach efforts aimed at improving the treatment of disorders like Alzheimer’s, Parkinson’s and ALS,” said Provost Donald H. DeHayes. “It will explore new treatments, therapies and strategies for addressing heart-wrenching neurodegenerative diseases and also enhance our national and international prominence in the field.”