Regeneron Pharmaceuticals, Inc. will create 300 jobs as part of a $70 million expansion to its Rensselaer County production facility.
The expansion of the state’s largest biopharmaceutical company was announced Tuesday by Gov. Andrew Cuomo, who predicted the development would enhance New York’s reputation in the biotech industry.
“The addition of 300 new, highly skilled and highly paid employees will result in a major boost to the Capital Region economy,” Cuomo said in a statement.
The state kicked in $6.7 million in Excelsior Jobs Program tax credits to make the expansion happen, and the county offered Regeneron a payment in lieu of taxes agreement.
The expansion includes two new facilities at Regeneron’s location on Columbia Turnpike in East Greenbush. The additions will allow for added manufacturing capacity for products used in clinical trials and potential commercial sale.
Dr. Leonard S. Schleifer, president and chief executive of Regeneron, described New York as a great place to do business.
“New York state has supported us at various points in our growth, and we are grateful to Empire State Development for this new financial assistance, which will help make possible our further expansion in the Capital Region,” Schleifer said in a statement.
Glens Falls Hospital to cut 29 jobs
Glens Falls Hospital is cutting 29 jobs and reducing hours for five employees as part of an ongoing cost-reduction plan.
The changes are a direct consequence of declining reimbursement levels and other economic challenges, but some employees will have opportunities to fill existing vacant hospital jobs.
“We deeply regret the pain and anguish this difficult decision will cause for so many of our co-workers, but sustaining the fiscal health of Glens Falls Hospital so it can and will continue to ensure quality health care for the southeastern Adirondack region is our paramount responsibility,” said hospital President and CEO David Kruczlnicki in a statement. “This was an extremely difficult, but unavoidable decision.”
Employees will receive a severance package that includes health care and job-placement support.
The cost-reduction steps have saved the hospital about $10 million and reduced staff by about 4 percent. The measures have included a significant reduction in contract labor and overtime in non-patient areas and new steps to reduce readmissions.