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Old 12-21-2018, 01:05 PM
 
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Regeneron Pharmaceuticals will receive up to $140 million from New York state toward its major expansion project in East Greenbush.

The Empire State Development Corp. board on Thursday approved up to $70 million in capital grants and up to $70 million in Excelsior Jobs Program tax credits for Regeneron (Nasdaq: REGN).

The pharmaceuticals manufacturer plans to invest $800 million and hire 1,500 people in East Greenbush to increase its production over the next seven years.

The company, which is headquartered in Tarrytown, employs 2,500 people at an existing manufacturing site in East Greenbush.

Without the state assistance, Regeneron would have expanded in Ireland instead of the Albany area, Loretta Beine told directors during the board meeting. Beine is the director of industry development and life sciences at Empire State Development.

Howard Zemsky said the Regeneron deal is a win for the state.

"Prior to the Amazon deal, this was the largest economic development deal I recall working on," Zemsky, president and CEO of Empire State Development, told the board. "It doesn't get better than this from the life sciences perspective."

Regeneron plans to build 350,000 square feet of manufacturing space and 240,000 square feet of office and laboratory space.

Read more about the company's expansion plans here.

Source: https://www.bizjournals.com/albany/n...rom-state.html
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Old 12-23-2018, 10:18 AM
 
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More about this company: https://www.regeneron.com/about
https://www.regeneron.com/locations (Industrial Ops)
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