CHARLOTTESVILLE, Va. (CBS19 NEWS) -- A new biotechnology institute at the University of Virginia will aim to transform health care.

On Friday, UVA announced plans to launch the Paul and Diane Manning Institute of Biotechnology to accelerate the development of cellular and gene therapies, nanotechnology, targeted drug delivery, and other next-generation medical treatments.

According to a release, this institute is in large part being made possible by a $100 million gift from Paul and Diane Manning.

Another $150 million is coming from UVA and a $50 million initial investment will come from Virginia.

According to a release, this institute will aim to advance research to benefit patients from everywhere and ensure that no Virginians will need to leave the state for the most complex care.

The institute could have a huge impact on the economy as well, as it is expected to generate thousands of jobs and attract companies by being a major research hub and manufacturing center.

“The announcement of the cutting-edge Paul and Diane Manning Institute of Biotechnology represents a critical step in Virginia's rise in the biotech industry,” said Governor Glenn Youngkin at Friday’s announcement. “This major investment will help attract pharmaceutical companies to the Commonwealth and further my administration's commitment to develop a thriving healthcare system. I’m grateful for Paul and Diane Manning’s generous commitment, which will ensure more Virginians are able to receive the care and treatment right here in the Commonwealth.”

The release says this new institute will also allow UVA to expand its clinical trial offerings, making it possible for more people to access potential treatments as they are being developed and sometimes years before they are widely available.

The centerpiece of the institute will be a high-tech facility at the Fontaine Research Park and it will unite high-tech research facilities, state-of-the-art manufacturing capabilities and much more in one place.

“The Paul and Diane Manning Institute of Biotechnology is one of the most exciting and impactful undertakings in the history of UVA,” said Whittington Clement, rector of the University’s Board of Visitors. “It will benefit the health and well-being of people here in the Commonwealth but also all around the world. It is the very definition of President [Jim] Ryan’s vision of UVA as a force for great and good.”