Regeneron will invest $1.8 billion over six years to expand its manufacturing, support, and research facilities in New York.
According to a press release from the New York Governorâ€™s office, Regeneron plans to expand its R&D facilities at the firmâ€™s Westchester Country Campus in Tarrytown.
The investment encompasses Regeneronâ€™s plans that were announced in April to inject $480 million to construct a preclinical facility at its Tarrytown campus.
â€śThis new investment in our workforce and laboratory spaces will allow for continued advancement of our industry-leading scientific capabilities and diverse portfolio of medicines,â€ť a spokesperson for Regeneron told BioProcess Insider.
â€śThe project will include new buildings for lab space [used] for research of all kinds, as well as our preclinical manufacturing and process development facilities, offices, amenities, parking, and logistics.â€ť
Over the next five years, the firm anticipates to take on 1,000 full-time employees throughout the Mid-Hudson region and to encourage Regeneronâ€™s expansion in New York, the company has been offered up to $100 million in Excelsior Jobs Program tax credits if its recruitment goals are met.
The investment will see Regeneron construct up to eight buildings, three parking garages and a 900,000 square-foot utility facility.
Additionally, road infrastructure developments will be required to support additional buildings at the firmâ€™s headquarters and R&D campus.
The project is anticipated to have two phases that span over six years and the fiscal benefit to the state is expected to exceed more than $283.3 million.
The firm will begin construction planning this summer and the expansion will be completed in 2027.