Regeneron Plans $1.8-Bn ExpansionBy
Regeneron Pharmaceuticals, a Tarrytown, New York-based bio/pharmaceutical company, plans to invest approximately $1.8 billion over six years to expand its research, preclinical manufacturing, and support facilities at its headquarters in Tarrytown, New York.
Regeneron intends to expand its research and development capabilities in Tarrytown, which will include the addition of new preclinical manufacturing and process development suites, laboratories, and office space. The project will include the construction of up to eight buildings, three parking garages, and a central utility plant totaling approximately 900,000 square feet.
The project is planned to take place in two phases over six years (as reported on July 15, 2021). Construction planning will begin this summer (summer 2021), and project construction will be completed in 2027.
Additionally, through this expansion, the company plans to create 1,000 new full-time jobs over the next five years (as reported on July 15, 2021). To encourage Regeneron’s continued expansion in New York, Empire State Development, an economic development organization of New York State, offered the company up to $100 million in jobs tax credits (Excelsior Jobs Program tax credits) if its hiring goals are achieved.