"Working with a world-class firm like Burrill brings to Elk Run capital, experience, innovation and opportunity that will be transformative for the region," says Stephen Marks Sr., Tower CEO.
Through a a private equity/venture capital fund, Burrill and Tower are committed to aiding in the development of new technologies from Mayo Clinic, the University of Minnesota and private entities. Although the total fund amount has not been released, reports indicate it could be as much as $1 billion. Tower is said to be putting $100 million into the fun, with Burrill contributing $900 million. The JV will also try to bring additional biotech/biomedical companies to Elk Run and Minnesota.
"Elk Run is geographically and strategically positioned in a uniquely propitious way," said Burrill. "The opportunity to work with Tower on this enterprise is exciting for us especially considering Elk Run's proximity to Rochester, home of Mayo Clinic and its incredible potential to create and attract bioscience companies to the State."
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