Burrill: $1B Elk Run fund deal is close
Steve Burrill, the biotech bigwig who has plans for Pine Island's proposed Elk Run biotechnology park. told Wendy Lee of the Strib that he has a "firm commitment" from a single investor to cover the $1 billion fund he is creating to fuel the Elk Run project.
Here's a bit from Lee's blog:
"We have a firm commitment for that billion dollars from a single investor," said Burrill, who is the CEO of San Francisco-based life sciences merchant bank Burrill & Co.------
Burrill said the investor is a sovereign wealth fund from overseas, but declined to go into more detail. He said he hopes the fund will close by the end of the year.
Burrill said there has been an underlying current in the state of people who wish he would fail. He said he has been surprised at some Minnesotans' "lack of support, instead of (them) wrapping their arms around us."