Regeneron Plans to Create 1,000 New Jobs with $1.8 Billion Expansion in New York
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Regeneron continues to expand its presence in New York. Over the next six years, the company will invest approximately $1.8 billion to expand its Tarrytown facilities. The investment will support the addition of 1,000 new jobs.
Regeneron’s expansion plans were announced by the office of Gov. Andrew Cuomo. Infused with the successes of its lucrative partnership with Sanofi, as well as its COVID-19 antibody treatment, Regeneron aims to expand its research, preclinical manufacturing and support facilities in its hometown.
Regeneron President and Chief Executive Officer Leonard S. Schleifer said the COVID-19 pandemic has stressed the importance of long-term investment in the biomanufacturing process. He said Regeneron is proud to continue to expand its operations in New York and support the state’s life sciences ecosystem.
“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,” Schleifer said in a statement.
Regeneron has emerged as a leading company in the ongoing battle against COVID-19. In June, the U.S. Food and Drug Administration updated the Emergency Use Authorization that had been previously granted to the company for REGEN-COV, its antibody cocktail. The regulatory agency greenlit a lower dose version of the treatment, which is a combination of two monoclonal antibodies, casirivimab and imedvimab. The updated authorization was based on clinical data that showed REGEN-COV decreased the risk of hospitalization or death by 70% in high-risk, non-hospitalized patients. The results were consistent between the 1,200 mg and 2,400 mg doses, the company noted at the time. REGENC-COV was first granted EUA in November 2020.
New York-based Regeneron is also financially and clinically well-situated due to its ongoing partnership with Sanofi for the development and commercialization of Dupixent, a fully-human monoclonal antibody that inhibits the signaling of the interleukin-4 and interleukin-13. With approvals for multiple indications, Dupixent has been a strong revenue driver for both companies. Dupixent generated $1.4 billion in revenue for Regeneron in the fourth quarter of 2020.
According to information from Cuomo’s office, Regeneron’s expansion project will include the addition of up to eight buildings, three parking garages and a central utility plant on its Hudson Valley campus. Additionally, the company will invest in road infrastructure improvements to support the expansion. The project will take six years and include two construction phases, the governor’s office said. Planning will begin this summer and the construction is expected to be completed in 2027.
Regeneron is the largest biotech company based in the state of New York. The governor’s office added the expansion will have a significant economic benefit for the state of New York of about $2 billion. The Regeneron expansion will benefit from up to $100 million in Excelsior Jobs Program tax credits tied to hiring goals for the project. The tax credits will come from New York Empire State Development.
“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,” Gov. Cuomo said in a statement.
The new expansion plans follow a previous expansion in the state. In 2017, the company announced investments of more than $800 million in support of facilities it operated in Rensselaer County, New York. Regeneron expanded existing laboratory, manufacturing and warehouse space in the county. Like the latest expansion, the 2017 expansion was supported by tax credits.
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