The independent Board of the Bupa Foundation has decided to close and will wind up the medical research charity financially by the end of the year.
The board will cease to fund and manage medical research grants, taking effect on 28 June 2013.
It is negotiating with sponsor institutions to take over the management of the remaining current grants and working to ensure grant holders have continuity of care throughout the changes and afterwards.
Dr Paul Zollinger-Read, chief medical officer for Bupa, said: "We would like to thank all the Foundation's governors, members and staff for the outstanding and significant contributions they have made to medical research in the UK over the past 30 years."
In 2014 Bupa will launch a new way of making its charitable donations in the UK.
New management team
Parts One, Two & Three
'Flexibility and choice can often reduce the cost of employee health cover'