University of California backs $23B bond issue to replace federal research and biotech innovation funds

California lawmakers and the University of California are backing legislation to put a $23 billion bond on this November’s ballot to support UC research funding. The proposal would create a new foundation to distribute grants and infrastructure support to universities and labs across the state. It comes after disruptions to federal research funding, which normally provides about $5.7 billion annually to UC alone through agencies like the NIH, NSF, and Department of Energy. Beyond replacing losses, the plan includes discounted drug access requirements and royalty-sharing provisions. The initiative aims to stabilize research, protect jobs, and strengthen California’s biotech sector.