07.29.21
Governor Andrew M. Cuomo recently announced that biotech Regeneron is set 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, NY 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."
Leonard S. Schleifer, president and CEO, Regeneron, 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.
"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."
Leonard S. Schleifer, president and CEO, Regeneron, 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.
