Biotech company will bring $72 million expansion to the Capital Region
Regeneron Pharmaceuticals, a Tarrytown-based biotech company, has announced a $72 million expansion in the Capital Region, which is expected to add 300 new jobs.
The company's expansion will benefit from close to $7 million in tax credits through the Empire State Development Corporation, as well as a pending tax incentive package from the Rensselaer County Industrial Development Agency.
Regeneron develops and manufactures drugs to treat certain forms of blindness and cancer, and it already employs more than 500 people in Rensselaer County.
Peter Dworkin is a spokesman for the company.
"This will be a lot of different type of jobs. Engineers, IT people, quality control people, production workers," Dworkin said.
Dworkin adds that construction on a new 65,000 square foot facility will begin later this year, and the jobs will be added over the next three years.