EAST GREENBUSH — Regeneron will undertake an $800 million expansion at its East Greenbush facility and expand what is already one of the Capital Region’s largest workforces by 1,500 new jobs.
The company already employs more than 2,500 people in Rensselaer County.
The biotech/pharmaceutical company will carry out the project over the next seven years, state officials announced Tuesday, adding laboratory, manufacturing and warehouse space in the process.
The state will give Regeneron incentives worth up to $140 million, including $70 million in Excelsior Job Program tax credits, contingent upon it reaching its investment and job creation targets.
The company is headquartered in Tarrytown, just north of New York City. About 5,400 of its 6,500-plus employees work in New York state, the rest in New Jersey and Ireland.
“Regeneron’s expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world,” Gov. Andrew Cuomo said in a news release Tuesday.
In the same release, Regeneron CEO Leonard S. Schleifer said: “As our number of approved and investigational medicines continues to grow, our need for world-class manufacturing teams and facilities also increases. These state incentives, along with other state and federal policies, have helped Regeneron keep and expand our operations in New York state, which will benefit the local economy and help us achieve our mission of bringing new medicines to people with serious diseases.”
The state awarded its first incentive to Regeneron in 1989, a year after it was founded: $250,000 through Empire State Development.
The company went public in 1991, with an initial public offering of stock that raised $91.6 million. Thirty years after startup, the market capitalization of its stock is now $42.5 billion.
The company’s financial numbers have been steadily growing in recent years along with its workforce. From 2013 to 2017, net product sales rose from $1.43 billion to $3.72 billion; gross revenue from $2.1 billion to $5.87 billion; and net income from $413.7 million to $1.2 billion.
Each figure grew in each successive year. Expenses also nearly tripled over the five-year period to hit $3.8 billion in 2017, $2.08 billion of that for research and development.
Regeneron has developed six FDA-approved medicines and numerous product candidates for a range of conditions including asthma, pain, cancer and infectious diseases. Its medicines are Arcalyst, Dupixent, Eylea, Kevzara and Praulent.
Earlier this summer, Regeneron and state officials announced a public-private research collaboration to develop improved prevention, detection and treatment of tick-borne diseases, starting with Lyme disease. Regeneron and the state Department of Health’s Wadsworth Center Laboratory will jointly research how the bacteria Borrelia burgdorferi, the causative agent of Lyme disease, replicates itself through a tick bite, and how the human host’s immune system responds.
Over five years, Regeneron will invest up to $48 million in the project, with 50 percent reimbursement from the state through its Life Sciences Initiative, a $620 million effort to create a world-class life-science research cluster in the state, commercialize the research and boost the economy.