The company will expand its research and development capabilities in the Tarrytown campus
Regeneron is planning to invest around $1.8bn in the coming six years to expand its research, preclinical manufacturing and support facilities in Westchester County in New York City, US.
The US-based biotech firm intends to expand its Tarrytown campus in two phases, and create 1,000 new full-time skilled jobs in the Mid-Hudson Region, over the next five years.
The scope of the project includes addition of new preclinical manufacturing and process development suites, laboratories and office space.
Also, it involves design, construction and fit out of up to eight buildings, three parking garages and a central utility plant totalling around 900,000ft2.
Regeneron president and chief executive officer Leonard S Schleifer said: “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 paediatric atopic dermatitis.
“As we expand our team and site, we look forward to bringing even more medical breakthroughs to patients in need.”
The expansion project is expected provide direct and indirect fiscal benefits to the state and local governments, estimated to be over $283.3m, while the New York alone would get economic benefit of nearly $2bn.
With construction planning is expected to commence this summer, the project construction will be completed in 2027.
Empire State Development has offered up to $100m in Excelsior Jobs Programme tax credits, to support the company‘s expansion project in New York State.
The funding is conditional on achieving its hiring goals.
New York State Governor Cuomo said: “New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron.
“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.”