Benzinga | Jul 16, 2021 12:32PM EDT

Governor Cuomo Backs Regeneron's $1.8B Expansion Plans In Westchester County

* Regeneron Pharmaceuticals Inc (NASDAQ:REGN) plans to spend $1.8 billion and hire 1,000 new workers as part of an ambitious, two-phase expansion at its Tarrytown, NY campus.

* The investment will expand its research, preclinical manufacturing, and support facilities.

* The blueprints include space for eight new buildings, three parking garages, and a massive 900,000-square-foot central utility plant on site.

* In all, the project will take six years to complete and could bring $283 million in direct and indirect revenue for the NY state government and add $2 billion to the state's economy.

* It's a rosy deal from Cuomo, reportedly Regeneron CEO Len Schleifer's close associate, who signed off on the $100 million in hiring incentives that will come with the deal.

* The governor has had a close relationship with Regeneron since his father signed a $250,000 check from the state's Empire State Development Corporation to invest in the drugmaker in 1989, just a year into its existence.

* Price Action: REGN shares are down 0.72% at $584.08 during the market session on the last check Friday.