Regeneron Pharmaceuticals will invest $800 million and hire an additional 1,500 employees in East Greenbush, New York, as the drug maker increases production over the next seven years.
New York state is expected to award $140 million in incentives covering a portion of the cost of the expansion.
Regeneron has been positioning itself to build a second plant in Rensselaer County for more than three years. The company acquired 120 acres off Tempel Lane more than two years ago, and has been working with East Greenbush planning officials on approvals for a manufacturing plant, warehouses and laboratory space.
Regeneron makes medication to treat patients suffering with everything from skin disorders, heart disease and high cholesterol to one of the leading causes of adult blindness. The drug developer will practically double its workforce in East Greenbush. Regeneron employs more than 2,500 people at its current manufacturing site off the Route 20 Columbia Turnpike.
Regeneron has hired more than 1,500 people in East Greenbush since 2012 as it expanded manufacturing in Rensselaer County after receiving federal approval for its blockbuster macular degeneration drug Eylea.
The expansion plans will include construction of 350,000 square feet of manufacturing space and 240,000 square feet of office and laboratory space.
SOURCE: Regeneron Pharmaceuticals