New York’s Largest Biotech Company Growing In ‘Mid-Hudson Region’
New York State's largest biotech plans to build a $1.8 billion facility in the "Mid-Hudson Region" and create 1,000 full-time jobs.
On Wednesday, New York Gov. Kathy Hochul announced the groundbreaking for Regeneron's $1.8 billion research, preclinical manufacturing, and support facilities in the "Mid-Hudson Region."
Regeneron Continues to Grow in the Mid-Hudson Region
This will be based at Regeneron's Westchester County campus in Tarrytown. Now, before you "shoot the messenger" and point out that Westchester County isn't in the Mid-Hudson Valley, I have to point out that Gov. Hochul's office considers Westchester County to be part of the "Mid-Hudson Region." Also, when former Gov. Andrew Cuomo announced COVID regions for New York State, Westchester County was in the "Mid-Hudson Region."
"Regeneron is a New York State company with a record of success in creating lifesaving advancements that benefit the entire world. Additionally, Regeneron is a company that invests in the surrounding communities and its employees. Not only will Regeneron continue to bring substantial economic growth to the Mid-Hudson Region, but they will also continue to be a good community partner in the region," Empire State Development President, CEO and Commissioner Hope Knight said.
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New York State's Largest Biotech Company Expanding in Tarrytown, New York
Regeneron is New York State's largest biotech company and is most known for its COVID and cancer treatments.
"We have been a proud New York company since our beginning over three decades ago, during which time we have invented industry-leading drug discovery technology and developed ten FDA-approved or authorized medicines entirely in our own laboratories. New York State has played an important role in our success by consistently recognizing the value of innovation, fostering an inclusive and dynamic biomedical industry, and helping to attract top talent to the region," Regeneron President and Chief Executive Officer Leonard S. Schleifer said.
Over 1,000 Full-Time Jobs Created in Hudson Valley
Hochul announced Regeneron plans to create at least 1,000 new full-time, high-skill jobs in the Mid-Hudson Region over the next five years.
"New York is a leader in the life sciences industry in part due to the decades of investment and many groundbreaking scientific advancements at Regeneron," Governor Hochul said. "The COVID-19 crisis was one demonstration of how quickly and effectively Regeneron is able to deploy its drug discovery and development engine against devastating diseases. Regeneron's work has undoubtedly saved countless lives in New York and throughout the United States, and we are proud that Regeneron will continue to create good jobs and invest in the Mid-Hudson region as they work to make additional breakthroughs against blindness-causing diseases, cancer, genetic diseases and more."
Regeneron Expanding Westchester County, New York Campus
Hochul's office called Regeneron a "biotechnology leader that invents and manufactures life-transforming medicines for people with serious diseases."
Regeneron looked at a number of other sites throughout the tri-state area before deciding to expand in the Hudson Valley, officials say.
To help encourage the company to continue to expand in New York, the Empire State Development offered up to $100 million in performance-based Excelsior Jobs Program tax credits.
The $1.8 billion project will be completed in two phases over the next 6 years. Construction should be completed in 2027. Officials believe the project will show a nearly $2 billion economic benefit to New York State.