In recognition of the donation from Larry and Judy Tanenbaum, the hospital is renaming its research institute the Lunenfeld-Tanenbaum Research Institute.
The hospital says the donation will help support researchers working on the prevention, detection and treatment of health conditions that are aligned with its flagship clinical programs.
Mount Sinai is also launching a campaign to raise $50 million to sustain and grow the leading-edge research at the Lunenfeld-Tanenbaum Research Institute.
Premier Kathleen Wynne — who attended the announcement Monday — said the gift is an extraordinary example of what can happen when private and public investment work together.
The Tanenbaum family is challenging other members of the community to donate in order to create sustainable funding for scientists at Mount Sinai's institute.
"Research is about finding answers to questions, where failure is more common than success, and where the cost of success requires time, patience and investment," said Larry Tanenbaum, chairman of Maple Leaf Sports & Entertainment Ltd.