In a move to enhance the local operations of OSI Pharmaceuticals Inc., state senators have passed a bill to enlarge the business incubator at Farmingdale State College. The legislation sets the boundaries for the Broad Hollow Bioscience Park at 38.5 acres and facilitates the construction of a third building dedicated to housing start-up companies, while OSI plans to expand into an existing second building.
Key Highlights of the Legislation:
- Boundaries and Construction: The Broad Hollow Bioscience Park will now span 38.5 acres, paving the way for a new structure to accommodate start-ups.
- OSI Pharmaceuticals: OSI, renowned for producing the lung cancer drug Tarceva, will expand into an adjacent 40,000-square-foot building, creating approximately 135 jobs. The rent from OSI will help fund the third structure of 50,000 square feet.
- Exemptions: Park tenants will be exempt from state construction and procurement laws, streamlining development processes on the SUNY campus.
- Economic Impact: The legislation aims to boost the biotechnology sector, deemed essential for the region’s economic growth.
Background:
OSI Pharmaceuticals, originally rooted in Cold Spring Harbor Laboratory research, previously relocated to Westchester County due to cumbersome state regulations. However, OSI’s presence on Long Island saw a partial revival when Astellas Pharma of Japan acquired the company for $4 billion and decided to maintain the Farmingdale research labs, preserving around 90 jobs.
Legislative Support:
- Unanimous Senate Approval: The 62-member Senate passed the bill unanimously, following a 144-2 approval in the Assembly.
- Sponsorship and Support: Senator Charles Fuschillo Jr. and Assemblyman Robert Sweeney, who sponsored the bill, highlighted the potential for significant job creation and economic benefits. They previously sponsored the 1999 law that established the park.
- Educational Impact: The park has significantly boosted bioscience education at Farmingdale State, increasing student enrollment from 33 in 2003 to 295 in the current year.
Future Prospects:
Farmingdale State College President W. Hubert Keen emphasized that the bill fortifies efforts to retain and expand a leading biotech firm on Long Island. OSI CEO Naoki Okamura praised the strategic partnership, expressing optimism about potential growth at the site.
The bill now awaits the governor’s decision to be signed into law, potentially marking a new era of innovation and economic development in Long Island’s biotechnology sector.
Read the full article on Newsday by James T. Madore here: https://www.newsday.com/business/technology/state-senate-oks-li-business-incubator-r30092