ANN ARBOR - The University of Michigan announced Thursday it will purchase Pfizer Inc.'s former campus in Ann Arbor for $108 million, an investment it says will create 2,000 jobs over the next decade.
The school's Board of Regents approved the purchase at its Thursday meeting.
The nearly 174-acre campus has almost 2 million square feet of laboratory and office space that the university says will allow it to expand its research in health, biomedical sciences and other fields, including hiring 2,000 researchers and other staff.
"This purchase is an investment in the future of the University of Michigan and of our state," President Mary Sue Coleman said.
New York-based Pfizer announced last year it would shut down its research and development facility near the campus, where it had employed 2,100 people.
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