Biotech Giant Adds Jobs in $1.8 Billion New York Expansion

New York’s largest biotech company is growing in the mid-Hudson region and bringing an additional 1,000 jobs over five years.

Gov. Andrew M. Cuomo announced that Regeneron, a leading biotechnology company that invents and manufactures life-transforming medicines for people with serious diseases, intends to invest approximately $1.8 billion over six years to expand its research, preclinical manufacturing and support facilities at the company’s Westchester County campus in Tarrytown and create 1,000 new full-time, high-skill jobs in the Mid-Hudson Region over the next five years. To encourage Regeneron’s continued expansion in New York State, Empire State Development offered the company up to $100 million in Excelsior Jobs Program tax credits if its hiring goals are achieved. Regeneron considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson region.  

“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” Governor Cuomo said. “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. Not only will this expansion further drive economic growth in the Mid-Hudson Region, but fuel lifesaving innovation and development that benefits the entire world.”  

Regeneron President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D., said, “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State. In 2020 and 2021, the Regeneron team has worked tirelessly, bringing forward new treatments for people with COVID-19, Ebola, multiple forms of cancer and pediatric atopic dermatitis. As we expand our team and site, we look forward to bringing even more medical breakthroughs to patients in need.”

Assuming approvals from local authorities, Regeneron intends to substantially expand its research and development capabilities in Tarrytown, which will include the addition of new preclinical manufacturing and process development suites, laboratories and office space. This project will encompass the design and construction and fit-out of up to eight buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Road infrastructure improvements will be necessary to support additional buildings at their existing Headquarters and R&D campus. The project is planned to take place in 2 phases over 6 years. 

The direct and indirect fiscal benefit to state and local government is estimated to be more than $283.3 million and the estimated economic benefit to New York is nearly $2 billion. Construction planning will begin this summer and project construction will be completed in 2027. 

Regeneron was a key factor in the fight against COVID-19. Their rapid development and deployment of a pioneering antibody treatment was shown to significantly reduce COVID-19 hospitalization and mortality and undoubtedly saved countless lives in New York and throughout the United States.

Regeneron was founded in 1988 in New York City by Dr. Leonard Schleifer; the following year, Empire State Development, under the leadership of then-Governor Mario Cuomo, invested $250,000 into the company. Today, Regeneron is the largest biotech company in New York State and one of the largest in the world. The company is consistently ranked as the best biopharmaceutical employer by Science magazine and is included among the Civic 50 most community-minded companies in the nation. 

Empire State Development Acting Commissioner and President and CEO-Designate Eric Gertler said, “Regeneron’s expansion in Westchester County will be a game-changer for the regional economy and will cement New York State as a world leader in the life sciences industry. The Mid-Hudson region is on the move, and Regeneron is just one of the many local economic engines that prove Governor Cuomo’s regionally based economic strategy is working and New York is back and open for business — helping create a diverse, vigorous and more prosperous economy for generations to come.” 

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