WASHINGTON (dpa-AFX) - Regeneron Pharma, Inc. (REGN), a biotechnology company, on Tuesday announced a major expansion of its manufacturing capacity through a new agreement with FujiFilm Diosynth Biotechnologies. The total investment is expected to be over $3 billion.
The technology transfer will begin immediately, and the agreement will last for ten years.
This new investment highlights Regeneron's commitment to providing innovative medicines.
As per the deal, Fujifilm will manufacture and supply bulk drug products for Regeneron's commercial biologic medicines at its facility in Holly Springs, North Carolina.
The company is also making major investments in New York, including an approximate $3.6 billion expansion of its Tarrytown campus. This project is expected to create 1,000 full-time, high-skill jobs and expand its research, preclinical manufacturing, and support facilities.
Regeneron said it will be building a new fill/finish manufacturing facility in Rensselaer, New York.
Additionally, the company has acquired a property of over 1 million square feet in Saratoga Springs, New York, to support production and potentially add more manufacturing capacity in the future.
In the pre-market trading, Regeneron Pharma is 0.15% higher at $562.34 on the Nasdaq.
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