"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," 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 10 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.
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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.
"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," Hochul said.
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."