$3 Million Investment In Biopharmaceutical Company
Sioux Falls Development Foundation Teams Up With Governor’s Office of Economic Development
The Sioux Falls Development Foundation has announced a $3 million equity investment to help take the area’s bio-technology industry to the next level.
The foundation says making an equity investment in a particular firm is something new for them, but they feel SAB Biotherapeutics is the right company for the investment.
“They’re the tip of the spear for this intersection between animal biotechnology and human health,” said Slater Barr, Sioux Falls Development Foundation President.
The foundation has teamed up with the Governor’s Office of Economic Development to help out a growing industry in the state.
“The Sioux Falls Development Foundation announced a $3 million investment to SAB Biotherapeutics,. It’s an exciting company with huge growth potential and plans for growth in South Dakota and Sioux Falls,” said Barr.
SAB develops natural technologies that have the potential to transform treatment and prevention for a wide range of diseases, from cancer to Ebola.
“The investment by the development foundation gives us the opportunity to pursue a very aggressive growth plan that we think can significantly alter our position in the marketplace,” said SAB President, Eddie Sullivan.
With help from a number of collaborators, including Sanford Health, Sullivan says the company will have a variety of effects on the community in the next five years.
“Residential investment of about $13.9 million, and commercial investment of about $164 million,” said Sullivan.
In full operation, he anticipates a total of 200 jobs at the company. He also expects property sales and tax revenue could bring $387,000 to the city and $1.4 million to the state.
“With the sector holding such great promise, the state was pleased to make a $3 million future fund grant in Dec. of last year to the Sioux Falls Development Foundation in order to facilitate its support of the biotechnology industry in the state,” said Pat Costello with the GOED.
That grant, which led to this investment, will hopefully give SAB Biotherapeutics the chance to grow in South Dakota for years to come.
A few long term goals for SAB include establishing their global headquarters and corporate operations in South Dakota, as well as creating development laboratories and other facilities.