Volume 91 Issue 43 | p. 22
Issue Date: October 28, 2013

Princeton Versus Princeton

Patent royalty income leads local residents to challenge university’s tax-exempt status
Department: Business
Keywords: licensing, technology transfer, nonprofits, taxes, Bayh-Dole Act

Princeton University’s Frick Chemistry Laboratory is a 265,000-sq-ft cathedral for chemistry featuring a soaring atrium and teaching labs that can accommodate up to 140 students at a time. The university paid for the lab, which opened in 2011, with $278 million of the royalties it has received from Eli Lilly & Co. for the mesothelioma drug Alimta.

The royalties are commercial profits, contends a small group of . . .

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