Jeffrey C. Hall, Michael Rosbash and Michael W. Young were awarded the Nobel Prize in Physiology or Medicine on Monday for their discoveries of molecular mechanisms controlling the circadian rhythm.

One of the Nobel committee members described the scientists’ contribution as “the discovery of a fundamental mechanism underlying very important aspects of physiology: how our cells can keep time.”

The award ceremony of the laureates will be held on December 10, the day of the death of Swedish entrepreneur and inventor Alfred Nobel (1833-1896), who was the founder of the Nobel Prizes. Four of the five prizes (physiology or medicine, physics, chemistry and literature) will be awarded in Stockholm. The Peace Prize, according to the will of its founder, will be awarded in Oslo, on December 10.

The sum of each of the Nobel Prizes in 2017 is about one million US dollars.