Regeneron Pharmaceuticals has plans to invest nearly $1.8bn to boost research, preclinical production and support sites at its Westchester County campus in Tarrytown, New York, the US.

New York State Governor Andrew Cuomo announced the company’s strategy, which will create 1,000 full-time jobs in the Mid-Hudson Region in the coming five years.

To support Regeneron’s expansion in the state, Empire State Development has proposed tax credits of up to $100m under Excelsior Jobs Program if the company meets hiring targets.

Regeneron chose to expand in the Mid-Hudson region after analysing various potential locations in the tri-state area.

Cuomo said: “The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow.

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“Not only will this expansion further drive economic growth in the Mid-Hudson Region, but fuel lifesaving innovation and development that benefits the entire world.”

On obtaining necessary approvals from authorities, Regeneron anticipates boosting its research and development expertise in Tarrytown. The expansion will add new preclinical production as well as process development suites, labs and office space.

The project is slated to be materialised in two phases over six years.

It will comprise the design and construction and equipping of up to eight buildings, three parking areas and a central utility site, which would total to nearly 900,000ft², New York State release noted.

The construction planning will commence soon with project building to conclude in 2027.

The state and local government is expected to get the direct and indirect fiscal benefit of more than $283.3m. New York will see an economic benefit of approximately $2bn.

Regeneron Pharmaceuticals president and CEO Leonard Schleifer said: “The Covid-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State.”

Last month, the US Food and Drug Administration (FDA) updated the Emergency Use Authorization (EUA) for Regeneron’s Covid-19 antibody cocktail, REGEN-COV, reducing the dose to 1,200mg from 2,400mg.