Rathmann Family Foundation

Rathmann Family Foundation

George Rathmann, a biochemist and entrepreneur, co-founded Amgen in 1980 and served as its first CEO, establishing a model for the modern biotechnology industry. He and his family launched the Rathmann Family Foundation in 1987, initially funding scientific research and higher education; the foundation's endowment derives largely from Amgen stock and related biotech holdings. The foundation makes grants primarily in healthcare, biomedical research, and education, with a focus on supporting early-stage scientists and medical institutions. Known grantees include the Fred Hutchinson Cancer Center, the University of Washington, and the Mayo Clinic. The foundation also engages in program-related investments — structuring some allocations as recoverable grants or equity-like instruments to advance its mission (per tax filings, 2022). Geographic focus spans the United States, with clusters in the Pacific Northwest, the Upper Midwest, and the Mid-Atlantic. Assets are managed by a small professional staff and a board of family members; the foundation reported roughly $500–$1,000 million in net assets in fiscal 2022 (per public tax filings). Additional offices in New York, Annapolis, and Chicago support grantmaking in those regions. In 2023, the foundation committed $15 million to support the Johns Hopkins University's biomedical engineering program (per the university, 2023). The foundation operates as a family-led entity, with the Rathmann family retaining board control and active participation in grant decisions. Its use of program-related investments — a hybrid tool blending philanthropic and investment-like returns — distinguishes it from purely grantmaking foundations and aligns with the family's scientific and entrepreneurial roots.