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Jun 18, 2014 09:47 AM EDT

The Sydney Kimmel Foundation has presented a gift of $110 million to the Thomas Jefferson University, making it the single largest in the school's history. The donation will go towards the Jefferson Medical College - which was renamed to Sidney Kimmel Medical College June 17, 2014.

President Stephen K. Klasko thanked the Foundation for their generosity.

"This transformative gift will redefine and shape the future of healthcare education at the Sidney Kimmel Medical College for many years to come.  The vision and philanthropic leadership of Sidney and Caroline Kimmel will continue to attract the nation's finest students who seek out Jefferson for its academic excellence," Klasko said in a statement.

Philanthropist Sidney Kimmel said that it is always a delight to support young Americans who aspire to achieve milestones in the field of art and science of medicine.

 "We are confident the years they spend at Jefferson will have a lasting impact on the health and wellbeing of countless lives throughout Philadelphia and the nation," Kimmel said.

This landmark gift will help establish the Caroline Kimmel Endowment Fund for Scholarships (awarded to medical students with high intellectual and emotional intelligence), the Sidney Kimmel Capital Fund (to create state of the art facilities), the Sidney Kimmel Innovation and Research Fund (to attract top faculty from around the country) and the Sidney Kimmel Presidential Endowment Fund (to support initiatives like faculty recruitment, retention, research and publication).

Mark Tykocinski, The Anthony F. and Gertrude DePalma Dean of Jefferson Medical College, said that medical students will receive unparalleled experience and a degree that sets them apart from their peers.

"This magnanimous gift will enable our faculty to provide training, investigative and clinical care environments that will ensure greater successes among our students for decades to come," Tykocinski said.

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