GOVERNOR'S ANNOUNCEMENT ON REGENERON

GOVERNOR PATERSON ANNOUNCES REGENERON PHARMACEUTICALS, INC. TO INVEST NEARLY $40 MILLION AND CREATE 300 NEW JOBS

New York’s Largest Biotech Company Continues Expansion in Westchester County


Governor David A. Paterson today announced that Regeneron Pharmaceuticals, Inc., will move forward with an expansion that will invest close to $40 million and will create 300 new jobs in New York. Regeneron will add a third building to its research facility at BioMed Realty Trust Inc.’s, The Landmark at Eastview campus in Greenburgh, Westchester County.

Regeneron already occupies approximately 390,000 square feet at the site, which houses its corporate headquarters and research facilities. The biotech company employs close to 1,000 people at its two facilities in New York State, with more than 700 jobs in Greenburgh and more than 200 in Rensselaer.

“As New York’s largest biotech company, Regeneron is an excellent example of the type of investment that will revive our economy and expand opportunities for all New Yorkers,” Governor Paterson said. “With key green initiatives in BioMed’s Landmark at Eastview campus, Regeneron’s state-of-the-art facilities will help its scientists focus on their work as the company continues to grow, securing hundreds of New York jobs. I would like to acknowledge Empire State Development, the Westchester County Industrial Development Agency and the Town of Greenburgh for their successful economic development efforts. Investments like Regeneron show promise for the economic outlook of New York State.”

Regeneron discovers, develops and commercializes medicines for the treatment of serious medical conditions including cancer, gout, and retinal and other diseases. They will use the new facility for additional research laboratories and administrative offices. The nearly $40 million additional investment in the state-of-the-art complex in the Town of Greenburgh, represents a major commitment to the county and State by Regeneron and BioMed.

Regeneron’s decision to expand in New York rather than a competing state was encouraged by a $2.125 million capital grant, provided by Empire State Development. The Westchester County IDA will provide sales tax abatement and payment in lieu of taxes (PILOT) incentives to Regeneron estimated to be worth $1.5 million in tax savings. The PILOT for the third building establishes a fixed assessment and annual payment schedule, which increases from 2012 to full assessment in the 11th year.

Empire State Development Chairman & CEO designate Dennis M. Mullen said: “For more than two decades Regeneron has grown right here in New York, achieving enormous success in life science research and development while investing millions into the New York economy and exceeding all of our expectations and job commitments. Along with Governor Paterson, we pledge to continue our efforts across the State to make smart investments and utilize our assets in order to assist businesses and encourage economic investment and prosperity for the state.”

With just four employees when it opened its research laboratories at The Landmark at Eastview in 1989, Regeneron now has nearly 1,000 employees at two New York locations. Regeneron’s full-scale manufacturing facility is in Rensselaer. In October, Regeneron and BioMed hosted a celebration for the completion of two new buildings developed for Regeneron on the 116-acre Landmark campus.

Westchester County Executive Andy Spano said: “Regeneron’s creation of new jobs and expansion to the third new building at BioMed’s Landmark campus attests to Westchester’s and New York State’s continuing commitment to the biotechnology industry. I applaud Governor Paterson's efforts to make this project a reality.”

Greenburgh Town Supervisor Paul Feiner said: “I am pleased that Regeneron has chosen Greenburgh as their home and that they are expanding in the town. This exciting news helps Greenburgh in our efforts to attract additional biotech companies. We are pleased that our town is becoming a biotech center for the region. There are many positives to this deal: more jobs, prestige. This is good for our tax base. We thank Governor Paterson and the state and county governments for partnering with us.”

Pocantico Hills Central School District Interim Superintendent Jay Scotto-Friedman said: “On behalf of the Pocantico Hills Board of Education I would like to take this opportunity to express our appreciation for the efforts of Governor Paterson, Empire State Development, Town Supervisor Paul Feiner, The Greenburgh Town Board and the Westchester County Industrial Development Agency for developing a plan to provide for industrial growth within the Pocantico Hills Central School District. This plan will ultimately benefit our residents and students.”