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Florida State University is a public space-grant and sea-grant research university in Tallahassee, Florida. It is a senior member of the State University System of Florida. Founded in 1851, it is located on the oldest continuous site of higher education in the state of Florida. The university is classified among "R1: Doctoral Universities – Very high research activity". The university comprises 16 separate colleges and more than 110 centers, facilities, labs and institutes that offer more than 360 programs of study, including professional school programs. The university has an annual budget of over $1.7 billion and an annual economic impact of over $10 billion. Florida State is home to Florida's only national laboratory, the National High Magnetic Field Laboratory, and is the birthplace of the commercially viable anti-cancer drug Taxol.