Governor Andrew M. Cuomo and Regeneron Pharmaceuticals, Inc., a world leader in biopharmaceutical research and development, today announced the company will expand its corporate headquarters and laboratories in Westchester County and create more than 400 new high-skill jobs.
Today's announcement further cements the reputation of the Hudson Valley as an emerging epicenter for biopharmaceutical growth.
"Today's announcement further advances New York's reputation as a leader in the biotech industry," Governor Cuomo said. "This administration has had a laser-like focus on creating an environment where companies, such as Regeneron, can grow and invest. The expansion of Regeneron's headquarters and the addition of hundreds of new high-skill jobs is great news for Westchester County and great news for New York."
"Our recently approved drugs and our robust development pipeline have transformed Regeneron into one of the largest and fastest-growing biopharmaceutical companies in the United States," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer. "Regeneron has been based in New York since we began 25 years ago, and we are grateful to Gov. Cuomo and New York State for financial support that helps us to continue to expand and create jobs in New York."
The project will add two new buildings with 300,000 square feet of laboratory and office space to the Regeneron complex at The Landmark at Eastview in the Town of Mount Pleasant in Westchester County, New York. Currently, Regeneron occupies approximately 590,000-square-feet of space at the site and will occupy another 85,000-square-feet of additional space there later this year. The expansion will enable the company to continue to accommodate the rapid growth it has experienced over the last six years -- from 682 employees in 2007 to 2,000 today, including more than 1,300 employees in Tarrytown and nearly 600 at its industrial operations and product supply facility in Rensselaer, New York.
Last November, Governor Cuomo announced Regeneron's plans to invest nearly $70 million to expand its manufacturing capacity in Rensselaer and create 300 new jobs in the Capital Region. With the Rensselaer and Tarrytown expansions, the company is slated to create more than 700 new jobs in New York State and invest approximately $170 million in capital expansion in New York over the next few years.
The company had also considered expanding outside New York before the State stepped in with $8.5 million in tax credits through the Excelsior Jobs Program to make its expansion possible. The Town of Mount Pleasant Industrial Development Agency also offered incentives.
Empire State Development President, CEO & Commissioner Kenneth Adams said, "Under Governor Cuomo's leadership, New York State has become a center for biotech innovation. Regeneron's continued growth will lead to new, high-paying jobs for New Yorkers and new investments in New York."
Senate Democratic Conference Leader Andrea Stewart-Cousins said, "I applaud Governor Cuomo for his ongoing efforts to make New York once again open for business, and commend Regeneron and Dr. Schleifer for their continued investment in our state. This expansion will not only grow the local economy, but will also encourage additional high-tech businesses to look to New York as a leader in emerging industries. My colleagues in the Senate Democratic Conference and I look forward to continuing our work with Governor Cuomo to attract new businesses and grow existing business in New York and ensure this state has the solid economic foundation to succeed in the new economy."
Mount Pleasant Town Supervisor Joan Maybury said, "Regeneron's decision to expand its headquarters here is great news for our local economy as it will not only create hundreds of jobs, but continue to help attract investment in the innovative companies and industries that we need to succeed in a global economy. The Mount Pleasant IDA is excited to be supporting this project and commends Governor Cuomo for his efforts to make, and keep, New York open for business. We congratulate Dr. Schleifer and the Regeneron family on this latest endeavor and for their continued commitment to our communities."
Construction of the new buildings is anticipated to begin in late 2013 and to be completed in late 2015.