The Department of Chemistry has been renamed in honour of businessman and chemist Dr Yusuf Hamied following a “generous benefaction” from his foundation.

The decision was approved by the Committee on Benefactions and External and Legal Affairs, which is responsible for matters concerning the University’s image, on November 11th. The size of the donation has not been made public.

Hamied is the non-executive chairman of the Indian pharmaceuticals company Cipla, which manufactures generics, drugs that are not protected by patents. He has received recognition for offering affordable treatments for HIV/AIDS to countries in the developing world.

The businessman matriculated at Christ’s College in 1954 and later received a PhD from the Department of Chemistry. Forbes estimates Hamied’s net worth to be $1.8 billion.

In addition to his role at Cipla, Hamied is an Honorary Fellow of the Royal Society and a Fellow of the Indian National Science Academy.

Vice Chancellor Stephen Toope said in a press release that he is “profoundly grateful for [Hamied’s] remarkable gift”.

Dr James Keeler, the head of the Department, is also “extremely thankful to Dr Hamied for his visionary support for Chemistry at Cambridge”.

“His gift will ensure we continue to attract outstanding scientists who will make the discoveries that help tackle some of the most pressing challenges in global society,” Keeler said.

Commenting on the renaming of the Department after him, Hamied said: “Cambridge gave me the foundation of an education in chemistry, taught me how to live and showed me how to contribute to society. As a scholarship student myself, I am delighted to be able to support future generations of students. I will always be indebted to this great institution and everything it stands for.”

The Department of Chemistry has been contacted for comment.