Governor Cuomo Announces Regeneron to Create 1,500 Biotech Jobs in Major New York Expansion

New York's Largest Biotech Company to Invest $800 Million to Expand Facilities in the Capital Region; 1,500 New Jobs Will Be Added to 5,400 Existing Regeneron Jobs in New York State

September 11, 2018

Governor Andrew M. Cuomo today announced that Regeneron, a leading biotechnology company that invents and manufactures life-transforming medicines for people with serious diseases, will invest approximately $800 million over seven years to expand its laboratory space, manufacturing capacity and warehouse facilities at the company's Rensselaer County campus and create 1,500 new full-time jobs in the greater Capital Region. To encourage Regeneron's expansion in New York State, Empire State Development offered the company up to $140 million in performance-based incentives, including $70 million in Excelsior Jobs Program tax credits.

"New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron," Governor Cuomo said. "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. Regeneron's expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world."

Regeneron is a science-driven biotechnology company headquartered in Tarrytown, New York that discovers and develops innovative medicines for the treatment of people with serious diseases. Regeneron was established as a biotech start-up in 1988 in New York City; the following year, under the leadership of then-Governor Mario Cuomo, Empire State Development invested $250,000 into the company. Within years, the state realized a 300-percent return on that investment. Today, Regeneron is the largest biotech company in New York State and one of the largest in the world. For the past five years, Forbes Magazine has named Regeneron one of the top ten most innovative companies across all industries. 

Read the full press release here.