Scripps Research kills takeover by USC

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Updated: 7/10 2:34 pm

SAN DIEGO (AP) — The financially strapped Scripps Research Institute has decided it won't merge with or be acquired by the University of Southern California.

The Scripps board of trustees said in a statement Wednesday that a plan for a partnership with USC "has been terminated by mutual consent of both parties."

U-T San Diego reports the merger proposal met with strong opposition from faculty at the famed institute in La Jolla.

Scripps President Michael Marletta had been exploring a deal in which USC would pay the institute $15 million a year for 40 years. The newspaper says it would have amounted to a takeover by USC.

The board did not comment on Marletta's future. Ten department chairs and others sent recently an email to the board expressing no confidence in his leadership.


 

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