Regeneron Expands Rensselaer County, New York, Operations Center
To encourage Regeneron's expansion in New York State, Empire State Development offered the company up to $140 million in performance-based incentives, including $70 million in Excelsior Jobs Program tax credits.
"New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron," Governor Andrew Cuomo said. "The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow. Regeneron's expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world."
Regeneron is a science-driven biotechnology company headquartered in Tarrytown, New York that discovers and develops innovative medicines for the treatment of people with serious diseases.
Regeneron was established as a biotech start-up in 1988 in New York City; the following year, under the leadership of then-Governor Mario Cuomo, Empire State Development invested $250,000 into the company. Within years, the state realized a 300-percent return on that investment. Today, Regeneron is the largest biotech company in New York State and one of the largest in the world. For the past five years, Forbes Magazine has named Regeneron one of the top ten most innovative companies across all industries.
Leonard S. Schleifer, M.D., Ph.D., President & CEO of Regeneron, said, "Regeneron was founded as a proud New York company 30 years ago, and we appreciate the continued commitment of Governor Cuomo's administration to make New York the ideal location to build and expand an innovative life science company. As our number of approved and investigational medicines continues to grow, our need for world-class manufacturing teams and facilities also increases. These state incentives, along with other state and federal policies, have helped Regeneron keep and expand our operations in New York State, which will benefit the local economy and help us achieve our mission of bringing new medicines to people with serious diseases."
In July 2018, Governor Cuomo announced a new, groundbreaking public-private research collaboration to advance the diagnosis and treatment of tick-borne diseases.
The New York State Department of Health Wadsworth Center Laboratory and Regeneron will collaborate to potentially develop improved diagnostics, prophylactics, and therapeutics for the diagnosis and treatment of tick-borne diseases, starting with Lyme disease.
Regeneron and the Wadsworth Center Laboratory will jointly research how the causative agent of Lyme disease, the bacterium Borrelia burgdorferi, replicates when a human is bitten by a tick carrying the bacterium, and how the host's immune response is activated. This information will potentially advance the development of improved diagnostics, prophylactics, and new therapeutics.
Over the course of five years, Regeneron will invest up to $48 million in this research and the state will reimburse 50 percent of Regeneron's research costs up to a total reimbursement of $24 million through the New York State Life Sciences Initiative. Additionally, up to $6 million will be provided to Wadsworth Center Laboratory through the Life Sciences Initiative.
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