Regeneron maps a dramatic expansion with 1,500 new jobs — and that makes NY’s governor very happy
A booming Regeneron is amping up its expansion plans — and making New York Governor Andrew Cuomo very happy in the process.
According to the Albany Times-Union, Regeneron $REGN had already told officials last month that they were expanding their plans for manufacturing, office and lab space in Rensselaer, boosting their initial hiring plans from 1,100 to 1,500 while blueprinting an extra 300,000 square feet of space for the complex. Altogether now, Regeneron is planning to build facilities adding up to 800,000 square feet of space.
It’s no coincidence Regeneron is also touting plenty of new jobs for scientists who will get six-figure salaries — the kind of news that Cuomo, now running for reelection, wants everyone to hear.
“The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow,” the governor said in a statement, which also adds $140 million in new state incentives for the biotech company. “Regeneron’s expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world.”
Regeneron owes its fast growth — jumping from 500 staffers 6 years ago to 2,500 now and lots to come — to its success with their blockbuster drug Eylea. It’s been adding new drugs through its alliance with Sanofi, but it’s the Eylea billions that pay the bills, as well as the $800 million price tag on the big campus plans.