SAN DIEGO Rady Childrens Hospital announced Monday a $120 million gift frombenefactor Ernest Rady and his family to establish the Rady Pediatric Genomics and Systems Medicine Institute.

Ernest Rady

As we move into an exciting new era of medicine, it is our responsibility to encourage the ambitious research and innovation that will accelerate the process by which discoveries are made and translated into cures, Rady said.

Hospital officials said that discoveries in genomics and emerging personalized medicines hold unprecedented promises, but breakthroughs are required to translate the advances into cures and treatments.

The gift will enable Rady Childrens to keep pace with new technology and stay on the cutting edge of genomics and systems medicine, according to the hospital.

Rady Childrens plans to spend $40 million of its own money on the project, which will be housed on the Rady Childrens campus and a separate location in the Torrey Pines life sciences hub.

The institute will work closely with UC San Diego and establish relationships with other academic and research institutions, companies involved in genomics research and other childrens hospitals to advance the mission of the institute, said David Hale, chairman of the board.

Rady, who founded the real estate, investment and financial firm American Assets Inc., gave the pediatric hospital $60 million in 2006.

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Rady gives $120M for genetic medicine institute