Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York
TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan.
Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs.
“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,” says Leonard Schleifer, president and CEO of Regeneron.
The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases.
Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed.
The life sciences firm chose to expand in Tarrytown following site selection across the tri-state area. Empire State Development is offering up to $100 million in tax credits to Regeneron via New York State’s Excelsior Jobs Program if certain hiring goals are achieved.
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” says New York Gov. Andrew Cuomo. “The continued growth of Regeneron here in New York is yet another indication that we are leading the way in life sciences and attracting the jobs of tomorrow.”
New York is becoming more of a life sciences hub, thanks in part to the state’s venture capitalist ecosystem, educated and diverse talent pool, and world-class academic and medical institutions. Cushman & Wakefield reports that the metro New York City area has added 1.2 million square feet of life sciences space in the first half of 2021 and has about 2.3 million square feet in its development pipeline.
Regeneron, formerly Regeneron Pharmaceuticals Inc., is one of the largest medical biotech firms in the country and the largest in New York State. The company was founded in 1988 and has kept its headquarters in Tarrytown ever since.
Regeneron’s stock price closed on Monday, July 19 at $585.23 per share, down from $658.21 a year ago when the share price peaked.
— John Nelson