Regeneron, a biopharmaceutical company based in New York, has announced plans to expand its corporate headquarters and laboratories in Westchester. This expansion will create more than 400 new highly skilled jobs and further cement Hudson Valley's reputation as an emerging epicenter for biopharmaceutical growth.
"Today's announcement further advances New York's reputation as a leader in the biotech industry," commented Governor Andrew M. Cuomo in a press statement. "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."
Two new buildings with 300 000 square feet of laboratory and office space will be added to Regeneron's site at the Landmark at Eastview in the Town of Mount Pleasant in Westchester, New York. At present, Regeneron occupies approximately 590 000 square feet of space at this site and is expanding to include another 85 000 square feet of additional space later this year. The expansion will allow the company to accommodate its rapid growth 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, Regeneron announced plans to invest nearly $70 million in the expansion of its manufacturing site in Rensselaer and create 300 new jobs in the capital region. The company anticipates that with both the Rensselaer and Tarrytown expansions, there will be more than 700 new jobs in New York. Regeneron stated that it will invest approximately $170 million in capital expansion in New York over the next few years.
Regeneron had also considered expanding outside New York before the State stepped in with $8.5 million in tax credits through the Excelsior Jobs Program. Furthermore, the Town of Mount Pleasant Industrial Development Agency offered additional incentives. Construction of the new buildings is expected to begin in late 2013 and to be completed in late 2015.