Regeneron Pharmaceuticals is boosting its New York presence with a hefty $2 billion investment, generating a slew of jobs in Saratoga Springs, officials announced. Governor Kathy Hochul highlighted the creation of 1,000 new positions as part of this expansion, signaling a strengthening of the state's biotech sector and offering a nod to the company's decision to further root its presence in the Empire State.
The sizable project involves renovating over one million square feet of space on Duplainville Road, once housing a printing operation, with the potential for additional growth, promising not only long-term employment but also about 500 construction-related jobs in the short-term phase, with Empire State Development sweetening the deal through performance-based tax credits worth up to $35 million. Regeneron's plan, according to Governor Hochul, is a testament to New York's unyielding commitment to innovation and a skilled talent pool, which "transforms lives across the world," and exemplifies the state's ability to entice powerful biotech firms to invest locally, as per the Governor’s Press Office webbsite.
The expansion is poised to enhance Regeneron's capacity to manufacture treatments for infectious diseases and improve oncology and other life-altering medicines, fostering health advances that extend well beyond New York's borders, as per statements from Regeneron's leadership. CEO Leonard S. Schleifer, quoted in a company announcement, acknowledged New York's longstanding partnership which facilitated Regeneron's trajectory to becoming a biotech frontrunner. Additionally, Daniel Van Plew, Executive Vice President and General Manager of Regeneron Industrial Operations, cited the plethora of local talent as a deciding factor in choosing Saratoga for this venture.
As a marker of New York’s burgeoning life sciences sector, the initiative at Saratoga Springs is just the latest in a series of sizable investments; in August, Governor Hochul unveiled the Emerging Technology Advisory Board, emphasizing biotechnology as a pivotal industry for future growth. Previous ventures include the unveiling of a new cell and gene therapy hub at Roswell Park Comprehensive Cancer Center in Buffalo and plans for the BioGenesis Park in Nassau County, further cementing New York's position as a biotech beacon.
Local leaders shared their enthusiasm, with Saratoga Springs Mayor John Safford and Saratoga County IDA Chairman Rod Sutton expressing their communities' readiness to accommodate Regeneron's expansion, as well as the general economic and job market benefits it promises for the area; Empire State Development CEO Hope Knight and Saratoga Economic Development Corporation CEO Greg Connors echoed these sentiments.
