$8.4 Billion Bonds for Immunology & Cancer Research
Initiative Statute
What This Does in Plain English
This measure authorizes California to borrow $8.4 billion through state bonds to fund cutting-edge medical research — specifically focused on immunology and immunotherapy, which are the foundations of modern cancer treatments, Alzheimer's therapies, and treatments for heart disease. Half of the funding is reserved for cancer, heart disease, and Alzheimer's research specifically.
The Problem It's Solving
- Immunotherapy — using the body's own immune system to fight disease — is one of the most promising frontiers in modern medicine.
- Federal research funding has become less reliable, creating gaps that state investment can fill.
- Cancer, heart disease, and Alzheimer's are among the leading causes of death for Californians.
- California has a world-class research university system (UC) but needs sustained funding to lead breakthroughs.
What Changes
- $8.4 billion in state bonds: Money borrowed by the state and repaid over time by taxpayers.
- Split funding: Half goes to a UC-affiliated research institute; half goes to a competitive grant program open to public universities and nonprofits.
- Disease focus: At least 50% of total funds must go to cancer, heart disease, and Alzheimer's research.
- Immunology focus: All funded research must relate to immunology or immunotherapy.
Who Is Behind It
Funded by the Michelson Center for Public Policy, backed by billionaire inventor and philanthropist Gary K. Michelson and businessman Meyer Luskin. Michelson has a long history of funding medical research and IP reform efforts.
Who It Affects
- UC researchers and affiliated institutions who would receive direct institute funding
- Public universities and nonprofits eligible for the grant program
- California taxpayers who repay the bonds over decades
- Patients who could benefit from future medical breakthroughs funded by the research
Arguments For
- Positions California as a global leader in the most important area of modern medicine.
- Could lead to treatments or cures that save millions of lives and reduce long-term healthcare costs.
- Builds on California's existing strength in biotech, research universities, and life sciences.
Arguments Against
- $8.4 billion in debt adds to California's long-term obligations and interest costs.
- Critics question whether state-funded research should be so closely tied to a single institutional benefactor (UC).
- Benefits (medical breakthroughs) may take decades to materialize and are uncertain.
Fiscal Impact
State would repay approximately $16–17 billion over 35 years (principal plus interest) from the general fund. Annual cost estimated at around $500 million per year once bonds are fully issued. Long-term economic benefits from research breakthroughs are difficult to quantify but potentially enormous.