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$1.8 billion expansion groundbreaking today at Regeneron!!!
Governor Kathy Hochul today announced the groundbreaking for Regeneron's previously announced $1.8 billion research, preclinical manufacturing and support facilities at the company's Westchester County campus in Tarrytown. The company, a biotechnology leader that invents and manufactures life-transforming medicines for people with serious diseases, committed to creating at least 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 is supporting the project with up to $100 million in performance-based Excelsior Jobs Program tax credits, consistent with the company's hiring goals. Regeneron considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson region.
"New York is a leader in the life sciences industry in part due to the decades of investment and many groundbreaking scientific advancements at Regeneron," Governor Hochul said. "The COVID-19 crisis was one demonstration of how quickly and effectively Regeneron is able to deploy its drug discovery and development engine against devastating diseases. Regeneron's work has undoubtedly saved countless lives in New York and throughout the United States, and we are proud that Regeneron will continue to create good jobs and invest in the Mid-Hudson region as they work to make additional breakthroughs against blindness-causing diseases, cancer, genetic diseases and more."
Regeneron President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D., said, "We have been a proud New York company since our beginning over three decades ago, during which time we have invented industry-leading drug discovery technology and developed ten FDA-approved or authorized medicines entirely in our own laboratories. New York State has played an important role in our success by consistently recognizing the value of innovation, fostering an inclusive and dynamic biomedical industry, and helping to attract top talent to the region."
Tarrytown serves as Regeneron's corporate and research and development headquarters, and the expansion plan now underway includes the addition of new laboratories, preclinical manufacturing and process development suites and office space. This project will encompass the design, construction and fit out of up to eight buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet.
The project is expected to take place in two phases over six years, with construction expected to be completed in 2027. The direct and indirect fiscal benefit to state and local government is estimated to be more than $283.3 million, with a nearly $2 billion estimated economic benefit to New York State.
Regeneron was founded in 1988 in New York City; the following year, New York State invested $250,000 in the company. Today, Regeneron is the largest biotech company in New York State and one of the largest and most productive in the world. The company is consistently ranked among the best biopharmaceutical employers by Sciencemagazine and included on the Civic 50 list of most community-minded companies in the nation.
Regeneron's work has undoubtedly saved countless lives in New York and throughout the United States, and we are proud that Regeneron will continue to create good jobs and invest in the Mid-Hudson region.
Empire State Development President, CEO and Commissioner Hope Knight said, "Regeneron is a New York State company with a record of success in creating lifesaving advancements that benefit the entire world. Additionally, Regeneron is a company that invests in the surrounding communities and its employees. Not only will Regeneron continue to bring substantial economic growth to the Mid-Hudson Region, they will continue to be a good community partner in the region."
Senate Majority Leader Andrea Stewart-Cousins said, "Regeneron breaking ground on their expansion here in Westchester is an exciting step forward for our region. Their $1.8 billion investment and the 1,000 jobs being created will have a significant economic impact in addition to the crucial work they will continue to do helping those suffering from many medical conditions and diseases. Regeneron has also been a national leader in the fight against COVID-19, and I look forward to the completion of this project."
State Senator Pete Harckham said, "The expansion of biotech leader Regeneron in Westchester County, aided by the state's continuing investment in business growth and job creation, stands as strong proof that a remarkable post-pandemic economic rebound in New York is underway. Working together, public and private partners are reviving the Hudson Valley's legacy of world-renowned manufacturing."
Assemblymember Tom Abinanti said, "Cutting-edge medicine requires cutting edge science. Regeneron is providing both -- and simultaneously, is a major economic engine in our region. Regeneron provides a tremendous number of jobs at every level and generates considerable additional economic activity. This expansion will bring even more of the same."
Westchester County Executive George Latimer said, "Westchester County is proud to be home to New York's largest biotech company - Regeneron. Regeneron is growing and shaping the future of the biopharmaceutical industry and in doing so is adding full-time and high-skill jobs. I thank Governor Kathy Hochul for her leadership and foresight in supporting the expansion with up to $100 million in performance-based Excelsior Jobs Program tax credits. We all look forward to seeing what Regeneron will do next."
Town of Greenburgh Supervisor Paul Feiner said, "The expansion of Regeneron's campus is the most significant economic development project in the Town of Greenburgh's history. Additionally, Regeneron is making significant breakthroughs and advancements in the field of life science and improving the lives of New Yorkers in the process. I would like to thank Governor Hochul and her team at Empire State Development for advancing this significant project."
Town of Mount Pleasant Supervisor Carl Fulgenzi said, "The Town of Mount Pleasant is proud to have Regeneron as a major manufacturer and Biotech facility in our town that has constantly and successfully expanded over the years offering many job opportunities and broadened our tax base. We look forward to their future growth and look forward to partnering with them for an even brighter future ahead."