The founder of life science investment firm Burrill & Co., G. Steven Burrill, is being sued over allegations that he embezzled more than $17 million from Burrill Life Sciences Capital Fund III L.P. between 2007 and 2013.
G. Steven Burrill's big speech at BIO is an annual rite for many in the industry who have come to closely follow his views on industry trends. But if this event comes off as planned, the audience is going to be buzzing about the salacious details of the charges leveled against the high-profile biotech investor in a lawsuit filed by one of his former partners.
The founder and CEO of biotech venture outfit Burrill & Co. has been booted from the firm over charges that he mismanaged investments and made unauthorized payments, according to Forbes.
With IPOs still booming, follow-on financings sizzling and venture capital rolling in at a steady pace, the biotech industry has been stocking up on billions of dollars in cash.
Amidst a tepid venture capital environment in the world of biotechnology, one firm has restocked its war chest to the tune of $505 million.
As many venture firms struggle to restock their coffers, Burrill & Company has come through with a second closing of its latest fund. The San Francisco-based firm says that "aggregate capital commitments" now total $505 million.
Over the last few years pharma's corporate venture arms have been stepping up their game, helping to fund more biotechs.
Biotech visionary Steven Burrill discussed Big Pharma's role in the healthcare system and mentioned that its fate will lie in its ability to reinvent itself.
The analysts at Burrill & Co. took out their calculators and concluded that $2.6 billion in new venture funds for translation and early-stage work materialized in the U.S. and Europe in the last two months.