The University of Calgary's medical school is now known as the Cumming School of Medicine.

The name change follows a $100-million donation from local businessman and alumnus Geoffrey Cumming. The Alberta government matched the donation with another $100 million.

"We're looking for advancements that benefit all of humanity," he said. "Great advances take years to achieve. I was determined to provide funding for decades." 

University president Elizabeth Cannon said during the announcement Tuesday that the money will allow the school to do cutting edge medical research.

"Great universities are built on great people and great faculty," she said. "So, whenever you have someone come from the community coming in, investing their dollars, having the government co-invest, it gives us resources to differentiate ourselves, bring people to the University of Calgary to do great science."