The University announced Thursday that it has received a $65 million gift from Minnesota Masonic Charities.

The gift, the largest in University history, will be distributed over 15 years. The money will be used to expand research in cancer prevention, diagnosis and treatment.

The University of Minnesota Cancer Center will now be called the Masonic Cancer Center.

University President Bob Bruininks said the University will be able to maintain and improve its global status as a leader in cancer research because of the gift, calling it a milestone in University history.

“This is truly something that is remarkable, historic and transformational,” Bruininks said.