Burrill to Invest $1 Billion In Biotech Project

biotechThe economic climate may be grim, but biotech banker G. Steven Burrill is looking to the future. The CEO of Burrill and Co. plans to invest $1 billion into Minnesota’s Pine Island biotechnology project and a private equity/venture capital fund. The fund will support the development of new technologies from Mayo Clinic, the University of Minnesota, and private companies in order to attract business to the state. In an interview with the Rochester Post-Bulletin, Burrill said that the economic crisis has permanently altered Wall Street, ending the days of easy capital for biotech companies. He believes these companies will need to position themselves to survive in this new economic reality. The time for development is now, Burrill says. If the idea is good, the capital will follow. “Value is in innovation, and if you create real innovation, the value is in the market for you,” he told the paper.

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