Regeneron has launched a six-year expansion project that is expected to create 1,000 new full-time employees.
The biopharmaceutical company’s $1.8 billion projects would see new labs and office space an area the size of 19 football fields.
The project will be constructed in two parts over a six-year period, and work is expected to be completed in 2027.
The expansion is expected to generate more than $283.3 million in direct and indirect, with an estimated economic benefit to New York State of approximately $2 billion.
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.”
The labs and offices will be used to focus on work on treatments like correcting blindness and developing medicines for Ebola, COVID-19, and malignancies.
The work will include road infrastructure upgrades to accommodate additional structures.
If the corporation meets its hiring target, the state expects to award it $100 million in tax breaks.
Over the next five years, the firm has committed to creating at least 1,000 new full-time, high-skill positions in the Mid-Hudson Region.
Empire State Development is financing the project with up to $100 million in performance-based Excelsior Jobs Program tax credits.
Regeneron looked at numerous prospective sites in the tri-state area before deciding on the expansion.
What is Regeneron?
Regeneron Pharmaceuticals is a biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for treating people with serious diseases
Where it is headquartered? The company is headquartered in New York
How many staff does it have? Regeneron Pharmaceuticals has 10,368 employees
What is its annual revenue? The annual revenue is $13 Billion.
Source: News12 Bronx