The University of Florida is backing out of its deal to take over Sanford Burnham Prebys Medical Discovery Institute in Lake Nona.
Back in 2006, Sanford-Burnham Prebys Medical Discovery Institute got more than $300 million dollars in incentive money to build a campus in Medical City. But the California based institute wants out, and was looking to the University of Florida to take over its operation.
Now, though, UF says it’s unclear how it can help in a timely manner given the need for legislative approvals.
"The University of Florida is willing to discuss how it can be helpful to the state in a manner that makes sense for all parties," UF officials wrote in a statement. "However, it is unclear how UF can help in a timely manner, given the likely need for legislative approval. As such, UF is unable to proceed at this time."
UF officials previously told WMFE they would need $3.7 million in state money every year. Sanford Burnham said transferring their property and equipment to UF was their first choice.
"We recently learned that UF has no plans to proceed with the asset transfer at this time," Sanford Burnham officials said in a statement. "Thus, [Sanford Burnham] is now faced with the need to find another viable alternative."
