NY: Regeneron Pharmaceuticals to Invest $70M, Expand, Create 300 Jobs
14 Nov, 2012
Governor Andrew M. Cuomo announced that Regeneron Pharmaceuticals, Inc. will invest nearly $70 million to expand its Rensselaer County production facility and create 300 high-paying, biotech jobs in the Capital Region. Regeneron is the largest biopharmaceutical company in New York State, and the addition of 300 new biotech jobs at its East Greenbush location is the largest growth for the industry in New York State this year.
"The expansion of this cutting-edge facility will further advance New York's reputation as a world leader in the biotech industry," Governor Cuomo said. "The addition of 300 new, highly skilled and highly paid employees will result in a major boost to the Capital Region economy. We must continue to leverage our regional assets and strong partnerships to invest in and grow a 21st century economy that will make New York more competitive nationally and around the globe."
The project involves the construction of two facilities at Regeneron's East Greenbush location--a new 65,000 square foot building at 81 Columbia Turnpike that will add manufacturing capacity for Regeneron products for clinical trials and potential commercial sale, and an expansion of the company's facility at One CSC Way. The new project caps a period of rapid growth for Regeneron in East Greenbush, where it currently employs approximately 540 individuals.
"New York has been our home since we started the company in 1988," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive of Regeneron. "New York is a great place for biotechnology companies to do business thanks to the state's many distinguished biomedical research institutions, its highly skilled workforce, and its growing cluster of biotech companies. New York State has supported us at various points in our growth, and we are grateful to Empire State Development for this new financial assistance, which will help make possible our further expansion in the Capital Region."
Empire State Development will assist the company with $6.7 million in Excelsior Jobs Program tax credits.
Empire State Development President, CEO & Commissioner Kenneth Adams said, "Under Governor Cuomo's leadership, New York State has become a center for biotech innovation and job creation. This expansion is a major step forward in the advancement of the biotech industry for the Capital Region and New York State. The continued growth of Regeneron, the largest biopharmaceutical company in the State, is crucial to the Capital Region's economic prosperity. We thank Regeneron for its commitment to Upstate New York and all of our partners in local government--Rensselaer County and the Town of East Greenbush-- who have helped make this expansion project a reality."
In addition to the financial assistance provided by ESD, the Rensselaer County Industrial Development Agency (RCIDA) is offering Regeneron a PILOT agreement. Rensselaer County and the Town of East Greenbush have also worked together to address the company's needs regarding its connection to the sewage treatment system. The expansion project is pending approvals by the Rensselaer County Legislature and the East Greenbush Town Board, which is expected this week.
Rensselaer County Executive Kathy Jimino said, "I applaud Regeneron's decision to expand their facility right here in Rensselaer County creating even more local jobs and furthering their already strong commitment to our local economy. As we compete in a global market for companies seeking a place to locate I am confident our successes will continue as more and more corporations realize how much Rensselaer County and this region and state have to offer."
Rensselaer County Legislature Chairman Martin Reid said, "The Rensselaer County Legislature is excited that Regeneron, a company with an international reputation for excellence in research, has chosen to grow right here in Rensselaer County. The Legislature was happy to help provide needed sewer services to allow for the Regeneron expansion, and the progress of this project is an example of government working together cooperatively at different levels to create jobs and further economic development in New York State."
East Greenbush Town Attorney Joe Liccardi said, "On behalf of the East Greenbush Supervisor and Town Board, we would like to congratulate Regeneron for their tremendous success in becoming a world leader in the pharmaceutical business. We are very pleased that they have chosen East Greenbush for their expansion. This will help boost a much needed spark in our local economy. We would also like to thank the state agencies, county agencies, our town employees and consultants who have spent an enormous amount of time in working together so we could keep Regeneron in East Greenbush."
Senator Roy McDonald said, "This is another sign that the Capital Region is a national, and even international leader for innovative companies to locate or expand their operations and create new jobs in our backyard. The hard work of local elected leaders paired together with the leadership of state representatives has created a pro-business environment resulting in jobs for local people. I want to congratulate everyone involved in making this happen."
NYS Assemblyman Ron Canestrari said, "Thank you to Regeneron for their continued confidence and investment in New York State and the Capital Region and to Governor Cuomo, as well, for yet another excellent example of the success we can achieve through strong, public-private partnerships."
Regeneron has two New York based operations, including headquarters and research laboratories in Tarrytown, Westchester County, and the product supply operation in East Greenbush in Rensselaer County. The company currently employs nearly 2,000 employees between its two locations, a smaller office in New Jersey, and a field sales force.
Regeneron is a fully integrated biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. Regeneron markets three products in the United States, EYLEA(TM) (aflibercept) Injection, ZALTRAP(TM) (ziv-aflibercept) Injection for Intravenous Infusion, and ARCALYST(TM) (rilonacept) Injection for Subcutaneous Use; ZALTRAP is co-commercialized with Sanofi. Phase 3 studies are in progress with EYLEA in two additional indications and with product candidates sarilumab and REGN727. Regeneron has active research and development programs in many disease areas, including ophthalmology, inflammation, cancer, and hypercholesterolemia. Additional information and recent news releases are available on the Regeneron web site at at http://www.regeneron.com.