Business Report: NJ hospital gets major gift, strong returns for state pension fund, Merck acquisition

Cooperman Family Foundation has donated $100M to Saint Barnabas Medical Center

On Thursday, Saint Barnabas Medical Center announced that it received a $100 million donation, the largest gift ever given to any hospital in New Jersey. Saint Barnabas will get a new name; it will be called the Cooperman Barnabas Medical Center in honor of the gift from the Cooperman Family Foundation. Barry Ostrowsky, president and CEO of RWJ Barnabas Health and a member of the NJ PBS Board of Trustees, said the donation will enable the hospital to deliver even higher quality health care to the community. The Cooperman Family Foundation is a charitable trust connected to the Wall Street financier Leon Cooperman, who raised his family in Essex County.

New Jersey’s public-worker pension fund is coming off one of its strongest years for investment returns in decades. The pension fund had an unaudited return of nearly 29% in its last fiscal year. Learn more about the returns here.

In Berkeley Heights Thursday, Gov. Phil Murphy and others marked Fiserv’s decision to open a new office there, bringing a total of 3,000 jobs to the community. Most of those jobs will be technology-related and high-paying, with annual average salaries of $100,000. Fiserv received tax credits in order to expand in New Jersey.

A big deal for a New Jersey pharma company: Merck is buying Accerelon, a Massachusetts company that will enable it to expand its portfolio of drugs. The deal is valued at $11.5 billion.

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