Regeneron Pharmaceuticals, Inc
A prescription for growth
Helping Regeneron prepare to
commercialize
Situation:
| The Rensselaer County IDA - helped Regeneron finance a $49 million expansion
- enabled it to double its manufacturing space
- helped prepare this promising biopharmaceutical company
for greater growth
|
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"
– Randy Rupp, Ph. D., Regeneron, Senior Vice
President of Manufacturing Operations