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Regeneron Pharmaceuticals to Expand, Create New Jobs at East Greenbush Facility
Monday, June 3, 2002
Senate Majority Leader Joseph L. Bruno and Governor George E. Pataki today announced that Regeneron Pharmaceuticals, Inc. will create up to 225 new jobs at its East Greenbush facility over the next 5 years. The company is investing more than $25 million in the first phase of a proposed two-part expansion program that will add 20,000 square feet of new manufacturing space.
Regeneron also has plans for a second development project that would lead to a 110,000 square-foot expansion of its manufacturing facilities to accommodate additional commercial production.
"The expansion of Regeneron is another economic success story for the Capital Region, and particularly for the University at Albany's campus in East Greenbush," Senator Bruno said. "With millions of dollars in new investment and up to 225 new jobs, Regeneron will help strengthen our region's reputation as an attractive location for high tech and biotech businesses and jobs."
"Regeneron's decision to invest, expand and create new jobs in East Greenbush is great news for the Capital Region's economy," Governor Pataki said. "Attracted by our outstanding workforce and smart economic policies, more and more science and technology-based companies like Regeneron are making the intelligent choice to invest and expand here in Upstate New York."
Regeneron's expansion project will be done in two phases. Phase I is expected to take place during the next three years and involves an investment of more than $25 million for construction of a 20,000 square-foot manufacturing space, creating 75 new jobs in the first year. Regeneron expects to begin Phase II in 2003, predicated on continued favorable results from its clinical development programs. This would lead to construction of a 110,000 square-foot facility, creating 150 new jobs.
"We are delighted that construction of our new manufacturing space is now underway. It will give us the capacity to expand our clinical development program and continue to advance product candidates through clinical trials," Leonard S. Schleifer, M.D., Ph.D., Regeneron's President and CEO said. "When we began planning for expansion, our thoughts turned first to areas where we already operate. Had it not been for the improving business environment in New York and the efforts of local and state officials, our ability to make expansion commitments so far into the future would have been difficult at best. We appreciate the support of our shareholders, who continue to fund our development efforts, and we are very pleased that officials in Rensselaer County and in the State of New York have worked with us to expand our manufacturing facilities here."
Regeneron is a biopharmaceutical company that discovers, develops, and intends to commercialize therapeutic medicines for the treatment of serious medical conditions. Regeneron has therapeutic candidates in clinical trials for the potential treatment of obesity, rheumatoid arthritis, and cancer, and has preclinical programs in asthma, allergies, and other diseases and disorders.Regeneron's platform technologies include Targeted GenomicsTM, FunctionomicsTM, and Designer Protein TherapeuticsTM.
Regeneron currently employs more than 600 workers in New York State, 175 of which are in East Greenbush with the balance in Tarrytown.
A key part of the Regeneron expansion project was the extension of an existing water line that was financed by a $1 million grant from the Pipeline for Jobs program. This program was an initiative proposed by Senator Bruno and approved by Governor Pataki in conjunction with the JOBS 2000 program to encourage new high technology job creation and retention.
In consideration of its commitment to the New York State economy, Regeneron is eligible to apply to ESD for a $250,000 capital grant to be used as a reimbursement for a portion of building, land or machinery and acquisition costs in Phase 1. Additional funding of $500,000 is committed for Phase 2. The Company is also eligible to apply for a job training grant.
The March issue of Site Selection magazine reported that New York State now ranks 3rd in the nation in attracting new and expanded corporate facilities � the State's strongest ranking ever and a step above last year's 4th place finish. In 2001 New York attracted 988 expansion projects, compared with only 75 in 1994 when the State placed a disappointing 20th.
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