After weathering months of delay and doubts from critics, biotech guru Steve Burrill said he's close to securing a $1 billion fund to support the Elk Run biobusiness park in Pine Island.
"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. "We have made a lot of progress recently and we're optimistic that we'll get it done."
The $1 billion will go toward providing financing for companies moving into the biobusiness park and to help with the development of Elk Run, which encompasses 2,325 acres. The development is expected to include the biobusiness park, housing, a wellness community, as well as other commercial space.
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 in general, his team is raising money in China, India, Malaysia, Russia, U.S. and the Middle East for his company's various funds.
The commitment from an investor has been reported as early as May, when the Star Tribune first broke the news.
The groundbreaking of the first building in Elk Run's biobusiness park was last predicted to happen by Sept. 2, but officials recently said it will occur as early as next month.
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."
