The Peru Gazette

Governor Kathy Hochul today announced that Regeneron Pharmaceuticals, a global leader in biotechnology founded in New York State, will create 1,000 new jobs as part of a $2 billion investment at its new facility in Saratoga Springs. The company plans to utilize a more than one million square foot property it recently purchased on Duplainville Road, which previously served as a printed material manufacturer. The project would encompass the design, reconstruction and fit-out of the existing space, with potential for additional expansion. Empire State Development has agreed to support Regeneron’s plans and job creation goals with up to $35 million in performance-based Excelsior Jobs Program tax credits.

“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.”

Regeneron was founded in 1988 in New York City; the following year, New York invested $250,000 in the company. Today, Regeneron is the largest biotech company in New York and one of the largest and most productive in the world. The new facility in Saratoga Springs will allow Regeneron to nearly double its existing manufacturing capacity in New York State. The project is expected to support approximately 500 short-term design and construction jobs, and create at least 1,000 full-time, permanent jobs. This project will bolster the company’s efforts in manufacturing and developing life-saving medications to fight the spread of infectious diseases, as well as continue to improve its oncology capabilities to fight cancer as well as a wide range of other life altering diseases.

Regeneron Co-Chair, President and CEO Leonard S. Schleifer, M.D., Ph.D. said, “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.”

Empire State Development President, CEO and Commissioner Hope Knight 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.”