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The Senate overwhelmingly passed a major medical research package on Wednesday afternoon, sending the legislation to President Obama, who said Wednesday he will sign it as soon as it reaches his desk.

The 21st Century Cures Act, which passed 94-5, would provide $6.3 billion spread out over 10 years to medical research and the Food and Drug Administration.

The legislation now heads to President Obama, who said he will sign it as soon as he can.

“We are now one step closer to ending cancer as we know it, unlocking cures for diseases like Alzheimer’s, and helping people seeking treatment for opioid addiction finally get the help they need,” Obama said in a statement after the bill passed.

Of the $6.3 billion, about $1 billion would be sent out as grants to states to help combat opioid abuse.

The National Institutes of Health would receive $4.8 billion, with money going toward Vice President Joe Biden’s cancer initiative to speed up cancer treatment research, Obama’s precision medicine initiative and another initiative to improve the understanding of Alzheimer’s.

The FDA would get about $500 million to help implement the parts of the act intended to speed up approval of new drugs and devices.

The bill sets up a new pathway for speeding approval of breakthrough medical devices. It also enables the FDA to approve drugs based on less clinical data.

The $6.3 billion is below the $9 billion in a version that passed the House last year. However, that version stalled in the Senate due to disagreements over how much funding to give NIH and FDA.

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The law is a setback for liberal groups who complained it would roll back FDA safety regulations.

Advocacy group Public Citizen led a collection of 12 other liberal groups opposing the measure.

“This legislation includes a grab bag of goodies for Big Pharma and medical devices companies that would undermine requirements for ensuring safe and effective drugs and medical devices and the affordability of these medical products,” according to a letter from the groups to congressional leaders.

It is also a setback for liberal Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt. Both heavily criticized the law, with Warren calling it on the Senate floor a major handout to the drug industry.

On the opposite side, passage of Cures is a major win for Reps. Fred Upton, R-Mich., and Diana Degette, D-Colo. The lawmakers spearheaded the legislation through the House Energy and Commerce Committee and have relentlessly promoted the legislation in hopes of getting it passed in the Senate.

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