TARRYTOWN, N.Y. — There's good news for the biotechnology industry as Gov. Andrew Cuomo announced the expansion of Regeneron Pharmaceuticals in Tarrytown and the launch of a $5 million venture capital competition.
The governor attended Regeneron’s grand opening Nov. 12 of two new buildings that will bring at least 300 jobs. The pharmaceutical company now occupies more than one million square feet of space and has committed to invest an additional $150 million to further expand its Tarrytown campus. This year alone, Regeneron has hired 945 employees throughout its locations in New York State. It’s been in the state since 1988.
"We are continuing to show that New York is a great place to do business," said Cuomo. "This expansion is proof that New York's support of businesses like Regeneron is continuing to grow the economy and create jobs in communities across the state. I look forward to seeing the biotechnology sector continue to thrive in New York in the years to come."
Cuomo also announced the launch of a new $5 million venture capital competition for biotechnology startups. To stimulate further growth in the bio-science industry in New York, the state is launching a broad-based investment initiative focused on the bio-science industry.
The centerpiece is the creation of a multi-year venture capital competition focused on selecting the most promising startups and assisting them in commercializing technologies developed within New York State universities and research labs.
Annual prizes totaling $1 million will be awarded to promising bio-science companies following each round of competition. The initiative is focused on activities essential to successful commercialization, such as protecting intellectual property, performing market and competitive research, investigating regulatory requirements, building commercial prototypes and writing business plans to attract additional capital.
Currently, New York ranks 11th in bio-sector job creation in 2014.
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