New Square Mayor Izzy Spitzer Attends Groundbreaking for Massive Biotech Company

The groundbreaking for Regeneron's $1.8 billion expansion was announced this week with Governor Kathy Hochul on hand for the announcement. Regeneron is known today as the largest biotech company in NYS and one of the largest and most productive biotech companies globally. The state's largest biotech company is expected to bring one-thousand full-time, high-skill jobs over the next five years to its Westchester headquarters. 

"New York is a leader in the life sciences industry in part due to the decades of investment and many groundbreaking scientific advancements at Regeneron," Governor Hochul said. "Regeneron's work has undoubtedly saved countless lives in New York and throughout the United States, and we are proud that Regeneron will continue to create good jobs and invest in the Mid-Hudson region as they work to make additional breakthroughs against blindness-causing diseases, cancer, genetic diseases and more."  

Empire State Development is supporting Regeneron's project with up to $100 million in performance-based Excelsior Jobs Program tax credits to encourage the continued expansion of the company in NYS. 

The project is expected to take place over six years in two phases. According to a release from the governor's office, the direct and indirect fiscal benefit to state and local government is estimated to be over $283.3 million, with a nearly $2 billion estimated economic benefit to NYS. 

"We would like to thank the governor for all she is doing for the State of New York, including our communities," says New Square Mayor Izzy Spitzer, who was also on hand for the groundbreaking event. "We appreciate that we have the ability to communicate with the governor's staff, who make themselves available for us, and I also value the understanding we have. I appreciated having some private time with the governor to discuss some of the critical needs of the Village of New Square and beyond."