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Eli Broad, the billionaire entrepreneur whose philanthropy enabled the creation of the Broad Institute of MIT and Harvard in Cambridge, one of the most influential scientific research centers in the country, died Friday at 87, according to the Eli and Edythe Broad Foundation.

Mr. Broad, who cofounded homebuilding pioneer Kaufman and Broad Inc. and launched financial services giant SunAmerica Inc., had devoted his life to philanthropy since 1999, according to a statement from the Broad Foundation. He and his wife, known as Edye, have committed more than $5 billion through their foundations.

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