Regeneron Pharmaceuticals will invest over $2 billion in a new facility in Saratoga Springs, New York, leading to the creation of 1,000 permanent jobs. The biotechnology company recently purchased a property on Duplainville Road, previously used for printed material manufacturing. The project involves redesigning and fitting out more than one million square feet of space, with the possibility for further expansion.
The state’s economic development agency, Empire State Development, has agreed to provide up to $35 million in performance-based tax credits through the Excelsior Jobs Program as part of its support for Regeneron’s job creation plans.
Governor Kathy Hochul commented on the investment: “For decades, Regeneron has been one of our great success stories — now, they are doubling down by creating 1,000 good paying jobs and expanding the biotech industry that transforms lives across the world,” Governor Hochul said. “Regeneron’s choice to once again invest in New York State is proof that our continued commitment to innovation and talent is working. New Yorkers deserve the incredible momentum we are seeing in advanced manufacturing and life sciences.”
Founded in 1988 in New York City with an initial state investment of $250,000, Regeneron is now New York’s largest biotech company. This expansion will nearly double its manufacturing capacity within the state. In addition to permanent jobs, approximately 500 short-term design and construction positions are expected during development. The facility will help increase production of medications targeting infectious diseases and enhance oncology capabilities.
Leonard S. Schleifer, M.D., Ph.D., Co-Chair, President and CEO of Regeneron stated: “For nearly four decades, New York has been a strong partner to Regeneron, helping us become a leading biotechnology company and the place where we’ve invented some of the most transformative medicines in biotechnology. As Regeneron continues to drive forward our mission of using the power of science to bring forward life-changing medicines we can improve the lives of those in New York and around the world. In this pursuit, we look forward to continuing to fuel economic development and create meaningful, well-paying jobs that strengthen communities across the state.”
Hope Knight, President, CEO and Commissioner at Empire State Development said: “Regeneron’s continued growth in New York is a powerful testament to our state’s robust life sciences ecosystem, our unmatched talent pipeline, and strategic industry investments championed by Governor Hochul. This $2 billion expansion and the creation of 1,000 new jobs in the Capital Region demonstrates how innovative companies and New York State can work together to drive transformative economic development, and Empire State Development is proud to support projects that fuel innovation, strengthen communities, and deliver life-changing breakthroughs for New Yorkers and people around the world.”
Daniel Van Plew, Executive Vice President and General Manager at Regeneron’s Industrial Operations and Product Supply division added: “The decision to build in Saratoga was an easy one. The Capital Region is full of talented people and dependable partners. I’m genuinely excited that as Regeneron grows, so does our commitment to this community.”
