Regeneron Invests $1.8 Billion in Tarrytown
US biotech Regeneron is planning to invest roughly $1.8 billion over six years to expand its research, preclinical manufacturing and support facilities at its Westchester County campus in Tarrytown, New York.
Regeneron said it considered several potential sites in the tri-state area before deciding to expand in the Mid-Hudson region, where it expects to create 1,000 new full-time jobs over the next five years. The company will also receive up to $100 million tax credits if it achieves its hiring goals.
The investment will add up to eight buildings housing new preclinical manufacturing and process development suites, laboratories and office space. The project is scheduled to take place in two phases. Construction planning will begin this summer and construction will be completed in 2027.
“The Covid-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” said Regeneron’s president and CEO Leonard Schleifer. “In 2020 and 2021, the Regeneron team has worked tirelessly, bringing forward new treatments for people with Covid-19, Ebola, multiple forms of cancer and pediatric atopic dermatitis. As we expand our team and site, we look forward to bringing even more medical breakthroughs to patients in need.”
Regeneron announced on Jul. 30 that the US Food and Drug Administration (FDA) had expanded authorization of its Covid-19 antibody treatment, Regen-Cov, to be used as a post-exposure prophylactic for patients at high risk of exposure in settings such as nursing homes or prisons.
The New York-based biotech reported Regen-Cov sales of $2.76 billion in the second quarter of 2021, outperforming analysts’ forecasts of about $1.94 billion.
Author: Elaine Burridge, Freelance Journalist
