Creates a center of excellence for life sciences and cancer research to promote sustained investment in life sciences and cancer research.

Consolidates the missions, powers, duties, and functions of the life sciences discovery fund authority and the cancer research endowment authority within the center.

Authorizes the life sciences discovery fund authority to establish a fund as a separate private account outside of the treasury, to be known as the CARE fund.

Changes the name of the cancer research endowment program to the cancer research program.

Changes the name of the cancer research endowment fund match transfer account to the cancer research fund.