After making a name for itself on the global stage after using its cutting-edge techniques to develop one of the most popular COVID-19 antibody treatments, local biomedical firm Regeneron is doubling down and expanding its Westchester County headquarters — to the tune of a $480 million investment in the county.
The Westchester County Industrial Development Agency voted in favor of granting final approval for a tremendous tax exemption for Regeneron: a $7.7 million sales tax exemption.
“Regeneron’s expansion is terrific news for Westchester County and our fast-growing biotech sector,” says Westchester County IDA Chair Joan McDonald, adding that the project will “create much-needed jobs during this crucial period in our county’s economy.”
If that seems like a lot, consider how much the company is investing: Regeneron is constructing a new 207,940-square-foot two-story building on its existing Tarrytown campus — to the tune of $480 million. The project is estimated to create over 1,600 construction jobs through its completion, and support an additional 505 new on-site positions. Labor costs alone are anticipated to top $155 million, of which 75 percent will come from county-based labor.
A cost-benefit analysis and impact study submitted to the IDA also details that the project is poised to bring in approximately $488,000 of sales tax revenue for the county annually, and estimates a revenue of nearly $7.47 for every $1 invested by Westchester County — one of the highest rates of return for any taxpayer-invested IDA projects.
A longtime key player in Westchester County’s biotech industry, Regeneron made headlines several years ago for its wildly successful novel ebola treatment, the underpinning science of which allowed for the swift rollout of the pharmaceutical company’s monoclonal antibody treatment for SARS-CoV-2, the COVID-19 treatment Donald Trump took after becoming infected by the disease in 2020.