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Regeneron Pharmaceuticals is set to significantly boost the economy of Saratoga Springs, with the construction of a $2 billion drug production facility. The new site, located at the former Quad Graphics property, will cover one million square feet and is expected to create 1,000 full-time jobs once fully operational. New York State has committed up to $35 million in state tax credits to support the project, contingent on job creation targets.
Governor Kathy Hochul announced the project, emphasizing Regeneron's role in expanding the state's life sciences ecosystem. "For decades, Regeneron has been one of our great success stories," she said. "Now, they are doubling down by creating 1,000 good-paying jobs and expanding the biotech industry that transforms lives across the world." The facility will more than double Regeneron's manufacturing capacity in New York, enhancing its ability to produce life-saving medications.
The project will also support approximately 500 short-term design and construction jobs. Regeneron, founded in New York in 1988, has grown into the state's largest biotech company. Its expansion in Saratoga Springs is part of a broader $7 billion investment plan, which includes other projects across New York and internationally.
According to the Times Union, the company already employs thousands in the Capital Region, anchoring the area's biotech sector. The new facility will further cement the region's status as a leader in biotechnology.
Empire State Development President Hope Knight praised the expansion, stating, "Regeneron's continued growth in New York is a powerful testament to our state's robust life sciences ecosystem." The project aligns with Governor Hochul's innovation agenda, which aims to position New York as a national leader in life sciences and advanced manufacturing.
The facility is expected to bolster Regeneron's efforts in manufacturing medications for various diseases, including cancer and infectious diseases. As Regeneron expands, the company remains committed to fueling economic development and creating meaningful, well-paying jobs in the community.