The Ian Potter Foundation has put its weight behind a $1.25 billion 20-year blue-sky research project to rapidly develop therapeutics to respond to the next pandemic virus.

The $5 million seed funding from the foundation is the first local donation after Melbourne-based, Canadian economist Geoffrey Cumming pledged $250 million to establish a dedicated global research facility at the Doherty Institute. His pledge rocketed him to fourth spot in the latest Financial Review Philanthropy 50 list.