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Regeneron Pharmaceuticals, Inc.A prescription for growth
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The Rensselaer County IDA
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In 2001, Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN), a biopharmaceutical company developing innovative medicines for a variety of unmet health needs, was faced with a challenge. Although its products were still years from receiving final FDA approval (and the resulting revenue stream), the company recognized that its 100,000 square-foot facility would not be large enough to manufacture commercial quantities of its drugs. In the space between future promise and present limitations, how does a visionary company grow?
Solution:
Realizing that Regeneron showed vast potential with its drug candidates and that it was making a significant contribution to the local economy, the Rensselaer County Industrial Development Agency (IDA) provided the groundbreaking company with an innovative solution. The IDA developed a package of tax assistance and sales tax exemptions to finance the much needed $49 million expansion. This package allowed Regeneron to efficiently expand its facilities by constructing an addition to its existing building and sign a lease for part of a neighboring building – doubling its total space to 200,000 square feet.
Results:
Rensselaer County IDA was able to help a promising biotech company prepare for its next level of growth, while the secured funding allowed Regeneron to expand production areas, enlarge warehouse space and acquire additional utilities.
"We looked all over the world for a site before moving to Rensselaer County"