Regeneron Pharmaceuticals, Inc., a biopharmaceutical company that invents, develops, and manufactures medicines for the treatment of serious medical conditions, will invest nearly $70 million to expand its Rensselaer County, New York production facility, creating 300 biotech jobs in the Capital Region.
The project involves the construction of two facilities at Regeneron’s East Greenbush location, with a new 65,000 square foot building at 81 Columbia Turnpike. The firm’s investment will add manufacturing capacity for Regeneron products for clinical trials and potential commercial sale, and an expansion of the company’s facility at One CSC Way. The new project caps a period of rapid growth for Regeneron in East Greenbush, where it currently employs approximately 540 individuals.
“New York has been our home since we started the company in 1988,” said Dr. Leonard S. Schleifer, President and Chief Executive of Regeneron. “New York is a great place for biotechnology companies to do business thanks to the state’s many distinguished biomedical research institutions, its highly skilled workforce, and its growing cluster of biotech companies. New York State has supported us at various points in our growth, and we are grateful to Empire State Development for this new financial assistance, which will help make possible our further expansion in the Capital Region.”
Regeneron is the largest biopharmaceutical company in New York State, and the addition of 300 new biotech jobs at its East Greenbush, New York, location is the largest growth for the industry in New York State this year, said Gov. Andrew Cuomo’s office.
“The expansion of this cutting-edge facility will further advance New York’s reputation as a world leader in the biotech industry,” Governor Cuomo said. “The addition of 300 new, highly skilled and highly paid employees will result in a major boost to the Capital Region economy. We must continue to leverage our regional assets and strong partnerships to invest in and grow a 21st century economy that will make New York more competitive nationally and around the globe.”
As an incentive, the Governor’s office said Empire State Development will assist the company with $6.7 million in Excelsior Jobs Program tax credits.
Empire State Development President, Chief Executive Officer Commissioner Kenneth Adams said, “Under Governor Cuomo’s leadership, New York State has become a center for biotech innovation and job creation. This expansion is a major step forward in the advancement of the biotech industry for the Capital Region and New York State. The continued growth of Regeneron, the largest biopharmaceutical company in the State, is crucial to the Capital Region’s economic prosperity.”
In addition to the financial assistance provided by ESD, the Rensselaer County Industrial Development Agency is offering Regeneron a Payment In Lieu Of Taxes agreement. Rensselaer County and the Town of East Greenbush have also worked together to address the company’s needs regarding its connection to the sewage treatment system. The expansion project is pending approvals by the Rensselaer County Legislature and the East Greenbush Town Board, which is expected this week.
Regeneron has two New York based operations, including headquarters and research laboratories in Tarrytown, Westchester County, and the product supply operation in East Greenbush in Rensselaer County. The company currently employs nearly 2,000 employees between its two locations, a smaller office in New Jersey, and a field sales force.