Westchester-Based Regeneron Pharmaceuticals Plans $2-Billion Investment in Saratoga County

ALBANY—Regeneron Pharmaceuticals, a global biotechnology firm headquartered in Tarrytown, will create 1,000 new jobs as part of a $2-billion investment at its new facility in Saratoga Springs.

Regeneron’s plans were announced on Nov. 13 by New York Gov. Kathy Hochul. State officials noted that Regeneron plans to utilize a more than 1-million square foot property (former Quad Graphics plant) it recently purchased on Duplainville Road.

The company, which is in the midst of a $1.8-billion expansion at its facilities in Westchester, earlier this month confirmed that it had scrapped plans to spend approximately $139 million to renovate the former Avon Products facility in Suffern that it acquired in December 2023. The firm intends to sell its Suffern complex after it has determined its expansion in Westchester would be sufficient for its growth needs at its downstate operations.

The Saratoga project would encompass the design, reconstruction and fit-out of the existing space, with potential for additional expansion. Empire State Development has agreed to support Regeneron's plans and job creation goals with up to $35 million in performance-based Excelsior Jobs Program tax credits.

“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. Hochul said. “Regeneron’s choice to once again invest in New York State is proof that our continued commitment to innovation and talent is working. New Yorkers deserve the incredible momentum we are seeing in advanced manufacturing and life sciences.”

The new facility in Saratoga Springs will allow Regeneron to nearly double its existing manufacturing capacity in New York State. The project is expected to support approximately 500 short-term design and construction jobs, and create at least 1,000 full-time, permanent jobs. This project will bolster the company's efforts in manufacturing and developing life-saving medications to fight the spread of infectious diseases, as well as continue to improve its oncology capabilities to fight cancer as well as a wide range of other life-altering diseases. Regeneron currently has significant operations in the Capital District in Rensselaer.

Regeneron Co-Chair, President and CEO Leonard S. Schleifer, M.D., Ph.D. said, “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. As Regeneron continues to drive forward our mission of using the power of science to bring forward life-changing medicines we can improve the lives of those in New York and around the world. In this pursuit, we look forward to continuing to fuel economic development and create meaningful, well-paying jobs that strengthen communities across the state.”

Regeneron Industrial Operations and Product Supply Executive Vice President and General Manager Daniel Van Plew said, “The decision to build in Saratoga was an easy one. The Capital Region is full of talented people and dependable partners. I’m genuinely excited that as Regeneron grows, so does our commitment to this community.”