The Academy of Medical Sciences and the Novartis Foundation merged on 31 July 2008 prior to the dissolution of the Novartis Foundation later this year
As a result of this merger the academy has taken over the buildings at 41 Portland Place and 8 Weymouth Mews, London.
Academy president John Bell said: "The merger represents a most generous gift of some ?4.2 million to the academy and we gratefully acknowledge the generosity and vision of the Novartis Foundation Trustees in bequeathing the assets of the foundation to the academy.
"The academy will establish its own headquarters at 41 Portland Place and we look forward to building on the outstanding reputation of the Novartis Foundation and its work in the promotion of biomedical science".
The Novartis Foundation trustees took the decision to dissolve the foundation following the withdrawal of its annual funding.
The trustees considered various options for the future and, after much deliberation, favoured a merger with the Academy of Medical Sciences.
The Novartis Foundation, and its predecessor the Ciba Foundation, has a distinguished history in the promotion of international co-operation and scientific excellence through its programmes and activities.
Similarly the Academy promotes leadership, independence and excellence to ensure a rapid application of research to the practice of medicine and to the advancement of health and welfare.
The Academy welcomes the opportunity to build on the scholarly traditions of the foundation retaining the reputation of 41 Portland Place as a popular and respected hub for scientific exchange and networking.
The academy will be overseeing the hospitality business at 41 Portland Place until 31 December 2008 when the building will be closed for a ?5m refurbishment reopening in 2010.
John Bell added: "Our plans will create an enduring headquarters that will serve the academy, and the fellows, for many years to come".
