Biotech company Regeneron is making a $1.8 billion investment to expand its footprint in the Mid-Hudson Region.
Deployed in two phases over the next six years, the funds will be used to expand research, preclinical manufacturing and support facilities at the company’s Tarrytown campus in Westchester County. It is expected to create 1,000 new full-time jobs in the next five years, according to an announcement from Gov. Andrew Cuomo Thursday.
Pending approval from local authorities, Regeneron plans to add new preclinical manufacturing and process development suites, as well as laboratories and offices. T
he project will see the design and construction of up to eight new buildings, three parking garages and a utility plant. The scope of the project is approximately 900,000 square feet. Construction is expected to be completed in 2027.
Regeneron had considered several different locations in the tri-state area for an expansion. They may have been swayed to stay in the Mid-Hudson Region with $100 million in Excelsior Jobs Program tax credits, which will be distributed if hiring goals are met.
“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,’ Gov. Cuomo said in a release, estimating that the state will reap up to $2 billion in economic benefit from the development.
Regeneron was founded in 1988 and has grown into the largest biotech company in the state. The company was responsible for the development of an antibody treatment that helped prevent deaths among hospitalized patients during the pandemic.
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