Empire State Development has offered Regeneron up to $140 million in performance-based incentives to expand its Rensselaer County laboratory and manufacturing campus and in turn hire an additional 1,500 workers over the next seven years. The Tarrytown-based pharmaceutical company would itself invest $800 million.
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” Gov. Andrew Cuomo said in a statement. “The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow. Regeneron’s expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world.”
Regeneron President and CEO Leonard S. Schleifer said, “As our number of approved and investigational medicines continues to grow, our need for world-class manufacturing teams and facilities also increases. These state incentives, along with other state and federal policies, have helped Regeneron keep and expand our operations in New York state, which will benefit the local economy and help us achieve our mission of bringing new medicines to people with serious diseases.”
Regeneron, which is the largest biotech company in the state, has a reported 2,500 workers at the East Greenbush campus outside of Albany.
