Last week, New York Governor Kathy Hochul announced that Regeneron Pharmaceuticals will double its manufacturing footprint in the state and create some 1,000 new jobs in the process. The biotech company plans to invest $2 billion in its new facility in Saratoga Springs to bolster the development and manufacture of life-saving medications that help fight the spread of infectious diseases, cancer, and other life-altering conditions.
The company will remodel a 1-million-square-foot property previously occupied by a printed material manufacturer.
The project includes the design, reconstruction and fit-out of the existing space, with potential for additional expansion. Empire State Development, the umbrella organization for New York's two principal economic development corporations, will support the project with up to $35 million in performance-based Excelsior Jobs Program tax credits.
Founded in 1988 in New York City, and propped up by a $250,000 investment from the state the following year, Regeneron is the largest biotech company in the state and one of the largest and most productive in the world.
The project is expected to support approximately 500 short-term design and construction jobs and create at least 1,000 full-time, permanent jobs.
Regeneron's work has had significant impact in treating patients, including restoring hearing in children born deaf.
In May, Regeneron announced plans to buy bankrupt genetic-testing company 23andMe for $256 million. However, the company was outbid by TTAM Research Institute, a nonprofit co-founded by Anne Wojcicki, former 23andMe CEO. TTAM bought the assets for $305 million.
Not all of Regeneron's expansion efforts have panned out in the state. In late 2023, Regeneron purchased the former Avon facility in Suffern, New York, for about $39 million, according to the Rockland County Business Journal. The company planned some $100 million in renovations to turn the site into an R&D and cold storage hub, creating some 230 jobs in the process. The company backed away from the idea and instead decided to expand its headquarters in Tarrytown to "keep more colleagues together on fewer campuses," according to lohud.com. The village may try to claw back money negotiated under a 15-year PILOT (payment in lieu of taxes) agreement.
To further New York's biotech ecosystem, Governor Hochul recently announced new members of the Emerging Technology Advisory Board, an independent group of industry leaders, including Regeneron, focused on biotechnology.
The board is co-chaired by Pfizer Chief Strategy and Innovation Officer Andrew Baum and The Michael J. Fox Foundation CEO and Co-Founder Debi Brooks, who will help New York further its role as a national leader in life sciences, innovation and advanced manufacturing.
Editor's Note: This article has been updated with additional information regarding the attempted 23andMe acquisition and expansion efforts in Suffern, New York.
