The construction of the $1.8 billion Regeneron research, preclinical production, and support facilities were officially announced by New York Governor Kathy Hochul. Construction of the facilities is anticipated to happen in two stages over a period of six years. Completion is scheduled for 2027.
More than $283.3 million in direct and indirect financial benefits are anticipated for state and municipal governments, with an estimated $2 billion in economic benefits for New York State. The buildings are situated at the company’s Tarrytown site in Westchester. Up to eight buildings will be designed, built, and furnished as part of this project. Included will also be three parking garages and a central utility plant with a square footage of around 900,000.
Also Read: New York Blood Center redevelopment into a new Center East Facility
The firm is a leader in biotechnology. They are dedicated to establishing at least 1,000 new full-time, high-skill positions in the region over the following five years. The company develops and produces life-changing medications for patients with critical disorders.
Empire State Development is financing the project with up to $100 million. The funding is through performance-based Excelsior Jobs Program tax credits. This is in line with the company’s hiring objectives, to promote Regeneron’s continuing development in New York State. Before opting to grow in the Mid-Hudson region, Regeneron looked at a number of prospective sites in the tri-state area.
Commentary on the Regeneron research facilities
“Since our inception more than three decades ago, we have been proudly based in New York. During that time, we have created industry-leading drug discovery technologies and created eleven FDA-approved or authorized medications fully in-house.
By consistently valuing innovation, supporting an inclusive and vibrant biomedical industry, and assisting in the recruitment of top talent to the area, New York State has significantly contributed to our success “Leonard S. Schleifer, M.D., PhD, President and Chief Executive Officer of Regeneron, stated.
“A spectacular post-pandemic economic comeback in New York is beginning,” state senator Pete Harckham stated. “The expansion of biotech pioneer Regeneron in Westchester County, helped by the state’s continuous investment in company development and job creation, stands as compelling proof.”
