BCW Member Regeneron has committed $800 million to expand its Rensselaer County laboratory and create an additional 1,500 jobs over seven years.
New York State’s Empire State Development has offered Regeneron up to $140 million in performance-based incentives to expand the Rensselaer County laboratory and manufacturing campus.
“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.”
Marsha Gordon, President and CEO of the Business Council of Westchester, said the announcement was great news for economic development in New York State.
“Regeneron’s commitment to Westchester has contributed to making this county a center for the Bio-Tech industry,’’ she said. “Its expansion upstate is great news for the residents of Rensselaer County.’’