Tarrytown-based Regeneron Pharmaceuticals is planning to spend $2 billion to expand and upgrade its presence in Saratoga Springs in Upstate New York. The expansion is expected to create an estimated 1,000 new permanent jobs for the area and about 500 jobs for the design and construction phase.
Regeneron had purchased a 1.1-million-square-feet former printing plant and will be redesigning and reconstructing the existing space and possibly expanding it in the future. The plant at 56 Duplainville Road had been the home to Quad Graphics, which specialized in the production of weekly magazines. The printing plant closed in May of last year. The state’s Empire State Development has agreed to support Regeneron’s plans with up to $35 million in performance-based Excelsior Jobs Program tax credits.
Leonard Schleifer, Regeneron’s co-chair, president and CEO said, “For nearly four decades, New York has been a strong partner to Regeneron, helping us become a leading biotechnology company and the place where we’ve invented some of the most transformative medicines in biotechnology. As Regeneron continues to drive forward our mission of using the power of science to bring forward life-changing medicines we can improve the lives of those in New York and around the world. In this pursuit, we look forward to continuing to fuel economic development and create meaningful, well-paying jobs that strengthen communities across the state.”
Daniel Van Plew, who is Regeneron’s industrial operations and product supply executive vice president and general manager explained, “The decision to build in Saratoga was an easy one. The Capital Region is full of talented people and dependable partners. I’m genuinely excited that as Regeneron grows, so does our commitment to this community.”
Empire State Development President, CEO and Commissioner Hope Knight said, “This $2 billion expansion and the creation of 1,000 new jobs in the Capital Region demonstrates how innovative companies and New York state can work together to drive transformative economic development.”
Congressman Paul Tonko who represents New York’s 20th Congressional District said, “Our region has long been a hub for science, research, and innovation, and this latest announcement that Regeneron will build a new facility in Saratoga Springs will further cement that proud history.”
According to Gov. Kathy Hochu, “Regeneron’s choice to once again invest in New York state is proof that our continued commitment to innovation and talent is working. New Yorkers deserve the incredible momentum we are seeing in advanced manufacturing and life sciences.”
In 2022, Regeneron launched a $1.8 billion expansion in Tarrytown over six years. In addition to creating about 900,000 square feet of new laboratory, development and office space along with parking facilities at the Tarrytown campus, the company committed creating at least 1,000 new full-time, high-skill jobs in the Mid-Hudson Region. Empire State Development was supporting the project with up to $100 million in performance-based Excelsior Jobs Program tax credits.
