Regeneron to invest $70m in NYC manufacturing
pharmafile | November 15, 2012 | News story | Manufacturing and Production |Â Â NY, Regeneron, Sanofi, USÂ
Regeneron has confirmed it will invest almost $70 million to expand its manufacturing in New York City in a move that will increase employment there by 300 positions.
The investment programme – officially announced by NYC governor Andrew Cuomo – is reported to be the largest growth project for the US state this year.
The programme involves the construction of two facilities at Regeneron’s Rensselaer site in East Greenbush, which currently has a headcount of 540 workers.
Part of the money will be spent on a new-build, 65,000 sq. ft. facility that will “add manufacturing capacity for Regeneron products for clinical trials and potential commercial sale”, with the remainder going on an expansion of an existing facility.
New York economic agency Empire State Development is providing $6.7 million in tax credits to help support the project, some details of which were released earlier this year.
Regeneron sells three drug products in the US – Eylea (aflibercept) for age-related macular degeneration, cancer drug Zaltrap (ziv-aflibercept) and Arcalyst (rilonacept) for rare genetic disease cryopyrin-associated periodic syndromes (CAPS) – all of which are made at Rensselaer.
Eylea is proving to be a hugely successful product, with third-quarter sales up 26% to $244 million putting the brand on track to make $790-$850 million in calendar 2012, according to Regeneron’s president and chief executive Leonard Schleifer.
Meanwhile, Regeneron also has a pipeline of around ten antibody-based drugs, with Phase III prospects including REGN727 for lowering cholesterol, rheumatoid arthritis candidate sarilumab and REGN475 for osteoarthritis pain.
“The expansion of this cutting-edge facility will further advance New York’s reputation as a world leader in the biotech industry”, said Cuomo.
“We must continue to leverage our regional assets and strong partnerships to invest in and grow a 21st century economy that will make New York more competitive nationally and around the globe,” he added.
Phil Taylor
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