New York Construction Report staff writer
Regeneron Pharmaceuticals, a global biotechnology company founded in New York State, plans to create 1,000 new jobs as part of a $2 billion investment at a new facility in Saratoga Springs.
The company recently purchased a more than 1 million-square-foot property on Duplainville Road, previously used by a printed materials manufacturer. The project will involve design, reconstruction, and fit-out of the existing space, with potential for further expansion. Empire State Development has pledged up to $35 million in performance-based Excelsior Jobs Program tax credits to support the investment and job creation goals.
“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,” Gov. Kathy Hochul said. “New Yorkers deserve the incredible momentum we are seeing in advanced manufacturing and life sciences.”
Founded in 1988 in New York City, Regeneron received $250,000 in state investment the following year. Today, it is the largest biotech company in New York and one of the most productive globally. The new Saratoga Springs facility will nearly double its existing manufacturing capacity in the state.
The project is expected to support about 500 short-term design and construction jobs, in addition to the 1,000 permanent positions. Regeneron said the expansion will enhance its ability to manufacture and develop treatments for infectious diseases, improve oncology capabilities, and address other serious health conditions.
“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,” Regeneron Co-Chair, President and CEO Leonard S. Schleifer said. “We look forward to continuing to fuel economic development and create meaningful, well-paying jobs that strengthen communities across the state.”
Regeneron’s expansion is part of a broader wave of life sciences investment in New York, which benefits from a highly educated workforce, more than 30 colleges, and strategic infrastructure. Earlier this year, Hochul announced a $98 million cell and gene therapy hub at Roswell Park in Buffalo and plans for the $430 million New York BioGenesis Park on Long Island.
Saratoga County Board of Supervisors Chairman Phil Barrett welcomed the expansion. “This major investment and their selection of Saratoga County above many other contenders affirms that our business-friendly climate, strong community, and exceptional quality of life continue to attract leading high-tech companies,” Barrett said.
