About 200 guests joined New York Gov. Kathy Hochul, Westchester County Executive George Latimer, and a host of other elected officials including mayors from a dozen or more Westchester communities at Regeneron’s campus in Tarrytown June 22 for a groundbreaking ceremony to officially launch the company’s $1.8 billion expansion.
The governor, county executive, company officers and other elected officials joined in a ceremonial lifting of shovelsful of soil at the front end of a large tent that was set up for the event.
In addition to creating about 900,000 square feet of new laboratory, development and office space along with parking facilities in the expansion of facilities within the campus, the company has committed 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. According to Hochul’s office, Regeneron considered several potential sites in addition Tarrytown 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,” 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’s President and Chief Executive Officer Leonard S. Schleifer, 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.”
The Tarrytown campus 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.