New York's Largest Biotech Company to Grow in the Mid-Hudson Region, Bringing an Additional 1,000 Jobs over Five Years
Governor Andrew M. Cuomo today announced that Regeneron, a leading biotechnology company that invents and manufactures life-transforming medicines for people with serious diseases, intends to invest approximately $1.8 billion over six years to expand its research, preclinical manufacturing and support facilities at the company's Westchester County campus in Tarrytown and create 1,000 new full-time, high-skill jobs in the Mid-Hudson Region over the next five years. To encourage Regeneron's continued expansion in New York State, Empire State Development offered the company up to $100 million in Excelsior Jobs Program tax credits if its hiring goals are achieved. Regeneron considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson 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. Not only will this expansion further drive economic growth in the Mid-Hudson Region, but fuel lifesaving innovation and development that benefits the entire world."
Regeneron President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D., said, "The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State. In 2020 and 2021, the Regeneron team has worked tirelessly, bringing forward new treatments for people with COVID-19, Ebola, multiple forms of cancer and pediatric atopic dermatitis. As we expand our team and site, we look forward to bringing even more medical breakthroughs to patients in need."
Assuming approvals from local authorities, Regeneron intends to substantially expand its research and development capabilities in Tarrytown, which will include the addition of new preclinical manufacturing and process development suites, laboratories and office space. This project will encompass the design and construction and fit out of up to eight buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Road infrastructure improvements will be necessary to support additional buildings at their existing Headquarters and R&D campus. The project is planned to take place in 2 phases over 6 years.
The direct and indirect fiscal benefit to state and local government is estimated to be more than $283.3 million and the estimated economic benefit to New York is nearly $2 billion. Construction planning will begin this summer and project construction will be completed in 2027.
Regeneron was a key factor in the fight against COVID-19. Their rapid development and deployment of a pioneering antibody treatment was shown to significantly reduce COVID-19 hospitalization and mortality, and undoubtedly saved countless lives in New York and throughout the United States.
Regeneron was founded in 1988 in New York City by Dr. Leonard Schleifer; the following year, Empire State Development, under the leadership of then-Governor Mario Cuomo, invested $250,000 into the company. Today, Regeneron is the largest biotech company in New York State and one of the largest in the world. The company is consistently ranked as the best biopharmaceutical employer by Science magazine and is included among the Civic 50 most community-minded companies in the nation.
Empire State Development Acting Commissioner and President and CEO-Designate Eric Gertler said, "Regeneron's expansion in Westchester County will be a game changer for the regional economy and will cement New York State as a world leader in the life sciences industry. The Mid-Hudson region is on the move, and Regeneron is just one of the many local economic engines that prove Governor Cuomo's regionally based economic strategy is working and New York is back and open for business — helping create a diverse, vigorous and more prosperous economy for generations to come."
Senate Majority Leader Andrea Stewart-Cousins said, "Regeneron has been an innovative leader in working to help people suffering from a wide range of diseases and medical conditions, including our current fight against COVID-19. I'm proud that they call Westchester home, and their $1.8 billion investment to expand in our region will have a tremendous economic impact locally and statewide while creating 1,000 good full-time jobs. I look forward to the completion of this expansion and their continued success."
Senator Pete Harckham said, "The planned expansion of Regeneron at its general Westchester headquarters stands as great news for the Hudson Valley region and New York because of the substantial economic growth that will be created as a result. This trailblazing biotech company is one of the leading innovators in the country, spurring biological and technological advances for over 30 years. With its continuing science research and development, Regeneron simply makes the world a healthier place in which to live. All involved deserve congratulations for this enduring growth and success."
County Executive George Latimer said, "Congratulations to Regeneron and thank you to Empire State Development. Westchester County is continuing to lead the way in the Biotech industry. Not only is our County becoming a central location for the industry, but the people working here are living here and raising their families here. This expansion will not only create jobs and inspire future generations interested in pursuing a biotech career to stay right here in Westchester."
Town of Greenburgh Supervisor Paul Feiner said, "Regeneron is a destination point for those who appreciate the importance of biotech companies. We are very excited that Regeneron is expanding and that they have put the Town of Greenburghon the map."
Town of Mount Pleasant Supervisor Carl Fulgenzi said, "The Town of Mt. Pleasant is pleased that Regeneron is expanding in neighboring Greenburg. They have been a tremendous asset to our town and a wonderful neighbor and we look forward to the continuing growth of Regeneron in the Town of Mt. Pleasant and Westchester County."