Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN), New York’s largest biotech company, announced plans for an expansion in Westchester County, NY
The expansion of Regeneron’s laboratories and corporate headquarters in Tarrytown will create 400 new high-skilled jobs.
NY Governor Andrew M. Cuomo said this announcement advances the state and Hudson Valley’s reputation in the biotech sector.
Leonard S. Schleifer, president and CEO of Regeneron, said the company had been in New York since its inception 25 years ago, and they were grateful for the financial support from the state that allowed the company to grow and create more jobs.
The company had been considering sites for the expansion in other states until they were offered $8.5 million in Excelsior tax credits by New York. The Town of Mount Pleasant IDA is additionally offering Regeneron local incentives, details of which were not disclosed.
Apart from two locations in New York, the company also maintains a third facility in Baskin Ridge, New Jersey. They relocated their NJ clinical development staff into this place in July 2011, facilitated by a Business Employment Incentive Program (BEIP) grant offered by the NJ EDA.
Town Supervisor Joan Maybury said the Mount Pleasant IDA was excited to support the project, and noted that Regeneron’s decision to expand its headquarters in Tarrytown was great news that would create hundreds of jobs and would help attract more investments from other innovative companies.
Regeneron is adding 300,000 square feet of office and laboratory space to the existing 590,000 square feet complex in Mount Pleasant. Another 85,000 square feet of space from a previous expansion is scheduled to be occupied later in 2013.
The two new buildings to be constructed in this expansion will help house Regeneron’s growing workforce, which has increased from 682 to 2,000 in the last six years.
This includes 1,300 employees at its Tarrytown headquarters in Westchester County, and nearly 600 more at a product supply and manufacturing facility in Rensselaer, NY. The rest are located in Basking Ridge, NJ.
Last year, the company had announced a $70 million investment for a manufacturing expansion in Rensselaer which is slated to create 300 new jobs.
Combined with this latest expansion in Tarrytown, Regeneron will be adding 700 new jobs in New York in the next few years, along with capital investments worth around $170 million.