Regeneron Pharmaceuticals Inc. (REGN) announced recently that is investing $40 million, which will result in the creation of up to 100 jobs in East Greenbush facility in Rensselaer County, coupled with another 300 jobs at its Westchester County facility, both in New York. The new positions will be created primarily for research.
Regeneron increased its presence at the Landmark at Eastview campus in Tarrytown, New York, when the landlord BioMed Realty Trust Inc. (BMR), a real estate investment trust, entered into a new lease agreement with Regeneron for approximately 131,000 square feet of additional, newly-constructed laboratory and office space through 2023.
This is the third research facility for Regeneron in Tarrytown. The new lease was completed about a couple of months after BioMed and Regeneron opened two new buildings at the 116-acre campus. They were built by BioMed to serve as Regeneron’s corporate headquarters and research facility.
A tenant on the 116-acre campus since 1989, Regeneron occupies approximately 390,000 square feet after the third research building was completed.
The expansion related news comes on the heels of another positive development for the company. A few days ago Regeneron and Sanofi-Aventis (SNY) announced that the extension and expansion of their antibody collaboration program. The companies had initially entered into a collaboration agreement in 2007, which was scheduled to expire in 2012.
Under the extended agreement, Sanofi will increase its annual funding commitment by $60 million to $160 million from 2010. Moreover, the agreement will now extend through 2017 with Sanofi having the option to extend the program for an additional three years. The companies are looking to move four to five antibodies into clinical development every year.
Currently, we are Neutral on Regeneron.
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