Regeneron to create 1,500 biotech jobs in major New York expansionAll Articles
New York's largest biotech company Regeneron Pharmaceuticals is planning to invest $800 million to expand facilities in the Capital Region. The Empire State Development Authority is offering Regeneron up to $140 million in performance-based incentives, including $70 million in Excelsior Jobs Program tax credits.
The company which discovers, invents, develops, manufactures and commercializes medicines for treating serious medical conditions worldwide, will expand its laboratory space, manufacturing capacity and warehouse facilities at its Rensselaer County campus and create 1,500 new full-time jobs in the greater Capital Region.
"New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron," Governor 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."
The expansion, which is a larger version of a previously revealed second campus, would be the latest for Regeneron, which is one of the fastest-growing manufacturers in the Capital Region with 2,500 employees in Rensselaer County and 5,400 statewide.
The 1,500 new jobs that Regeneron is planning to create under the incentive plan offered by the Cuomo administration matches up with plans already under way by Regeneron to build a new warehouse, plus manufacturing, office and lab space at a second campus the company is building in Rensselaer County, not far from its current campus next to the University at Albany's Health Sciences Campus.
"As our number of approved and investigational medicines continues to grow, our need for world-class manufacturing teams and facilities also increases," Regeneron CEO Leonard Schleifer said in a statement. "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."
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. Today, the company 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.
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