The $8.4 billion bond is meant to research cures for cancer.
SACRAMENTO, California — Proponents of a ballot measure to borrow $8.4 billion for immunology research will submit signatures Thursday to place the bond on the November ballot, organizers told Politico first.
Supporters of the “California Immunology Research and Cures Initiative” say they have 950,000 signatures to qualify the measure, which would fund research for therapies and cures for diseases like cancer and Alzheimer’s.
Why it matters: The signatures will be submitted amid skepticism from some lawmakers about a different bond proposal — for $23 million in scientific research — that is working through the Legislature right now.
Inside the bond: The $8.4 billion bond is being pushed by a host of advocacy groups like the Alzheimer’s Association and Blood Cancer United. The money would be split up between a UC-affiliated medical research institute and a grant program for public or nonprofit research institutions.
Under the measure, half the bond would go to researching treatments for cancer, heart disease, and Alzheimer’s disease. Any resulting immunology technology or drugs would be sold 20 percent lower than the national average price. California would pay the bond back over 25 years, at around $500 million per year, according to the Legislative Analyst Office.
What’s next: Counties will verify signatures before the Secretary of State formally certifies them.