Regeneron Pharmaceuticals Plans Additional Expansion in Hudson Valley, New York
Last November, Gov. Andrew Cuomo announced Regeneron’s plans to invest nearly $70 million to expand its manufacturing capacity in Rensselaer and create 300 new jobs in the Capital Region. With the Rensselaer and Tarrytown expansions, the company is slated to create more than 700 new jobs in New York State and invest approximately $170 million in capital expansion in New York over the next few years.
The company’s latest project will add two new buildings with 300,000 square feet of laboratory and office space to the Regeneron complex at The Landmark at Eastview in the Town of Mount Pleasant in Westchester County, New York.
Currently, Regeneron occupies approximately 590,000-square-feet of space at the site and will occupy another 85,000-square-feet of additional space there later this year. The expansion will enable the company to continue to accommodate the rapid growth it has experienced over the last six years, increasing its workforce from 682 employees in 2007 to 2,000 today, including more than 1,300 employees in Tarrytown and nearly 600 at its industrial operations and product supply facility in Rensselaer, New York.
“Our recently approved drugs and our robust development pipeline have transformed Regeneron into one of the largest and fastest-growing biopharmaceutical companies in the United States,” said Dr. Leonard S. Schleifer, the firm’s President and Chief Executive Officer. “Regeneron has been based in New York since we began 25 years ago, and we are grateful to Gov. Cuomo and New York State for financial support that helps us to continue to expand and create jobs in New York.”
“Today’s announcement further advances New York’s reputation as a leader in the biotech industry,” Gov. Cuomo said. “This administration has had a laser-like focus on creating an environment where companies, such as Regeneron, can grow and invest. The expansion of Regeneron’s headquarters and the addition of hundreds of new high-skill jobs is great news for Westchester County and great news for New York.”
The company had also considered expanding outside New York before the State stepped in with $8.5 million in tax credits through the Excelsior Jobs Program to make its expansion possible. The Town of Mount Pleasant Industrial Development Agency also offered incentives.
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