Gov. Andrew Cuomo announced that Westchester-based biotechnology company Regeneron plans to invest $1.8 billion over six years to expand its Tarrytown facilities. Cuomo says it will create 1,000 new full-time jobs over five years.
To encourage Regeneron’s continued expansion in the state, Empire State Development offered the company up to $100 million in Excelsior Jobs Program tax credits if its hiring goals are achieved.
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” Cuomo said.
Regeneron considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson region.
The expansion will include the addition of new preclinical manufacturing and process development suites, laboratories and office space.
Road infrastructure improvements will be necessary to support additional buildings at its existing headquarters and research and development campus. The project is planned to take place in two phases over six years.
“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,” says Regenergon President and Chief Executive Officer Leonard S. Schleifer.