PORTLAND, Ore. (AP) — Nike co-founder Phil Knight has pledged $500 million to Oregon Health and Science University in the form of a challenge he hopes will launch a $1 billion cancer research initiative.
The gift is contingent on OHSU raising at least $500 million for cancer within two years.
The gift, announced Saturday by the hospital, is the third one from Knight and his wife, Penny, to OHSU. A 2008 gift of $100 million went to the hospital's Knight Cancer Institute.
The Knights announced the gift Friday night at a gala for the cancer institute.
OHSU President Joe Robertson says the challenge is "a transformative moment" for the hospital and the state.