Regeneron Pharmaceuticals, Inc. opened two new buildings at its headquarters in Tarrytown, New York. The company plans to expand its current 1-million square foot of space and grow its Research and Development capacity.
"New York has been Regeneron's home since 1988, and the many scientific advancements made in our Tarrytown labs have yielded four approved treatments and an important pipeline of potential medicines for people with a range of serious diseases," said Leonard S. Schleifer, M.D., Ph.D., President/CEO of Regeneron. "We look forward to continued growth and expansion in New York as we continue our work to bring innovative new therapies to patients in need."
This new $150 million expansion project, which will create at least 300 new jobs, will construct a building of up to 192,000 square-feet that will include laboratory and office space, as well as a parking garage with up to 400 parking spaces. Empire State Development, New York's chief economic development agency, will provide the company with up to $5 million in Excelsior Jobs Program tax credits.
Empire State Development also supported Regeneron's now completed expansion with up to $10.2 million in Excelsior Jobs Program tax credits. The company has invested more than $150 million in the two new buildings at the site and exceeded its commitment to create 500 new jobs at the location.
The new buildings have added more than 300,000 square-feet of office and laboratory space, expanding Regeneron's corporate headquarters and enabling the company to hire more than 500 new employees at this New York location. In addition to its Tarrytown campus, Regeneron continues to grow its Industrial Operations and Product Supply facility in the Capital Region, based in Rensselaer County. This year alone, Regeneron has hired 945 employees throughout its locations in New York State.
"Today we are continuing to show that New York is a great place to do business," said Governor Andrew Cuomo. "This expansion is proof that New York's support of businesses like Regeneron is continuing to grow the economy and create jobs in communities across the State. I look forward to seeing the biotechnology sector continue to thrive in New York in the years to come."
Empire State Development President/CEO/Commissioner Howard Zemsky said, "With a workforce that is both highly skilled and highly educated, New York is a great place for biotechnology and pharmaceutical companies looking to grow as successfully as Regeneron. Thanks to Governor Cuomo's vision for economic development, businesses in these industries are thriving in the Hudson Valley and throughout the state."