By Mike Dougherty

PHILADELPHIA (CBS) — A massive donation from a world-class philanthropist is cause for a lot of smiles at the Children’s Hospital of Philadelphia.

Philanthropist Raymond Perelman is well known for giving lottery-sized donations to institutions around town.

The hospital’s CEO, Steven Altschuler, says this most recent gift of $50 million will directly fund a slew of research projects as well as the ability to bring in some of the world’s best doctors and scientists.

“It’s extremely exciting.  It provides us with incredible support at a time when traditional sources of funding are being cut back,” Altschuler tells KYW Newsradio.

And he says this gift will fund research in genetics, cancer treatment, and other areas of study, which will keep CHOP at the forefront of pediatric innovation for many years to come.

In recognition of the gift, CHOP is renaming an eight-acre portion of its West Philadelphia campus after Perelman.