- Associated Press - Thursday, May 26, 2016

NEW YORK (AP) - A New York-based biotechnology company is the new sponsor of the 74-year-old high school science competition formerly sponsored by semiconductor maker Intel.

Regeneron Pharmaceuticals will pay $100 million to sponsor the science talent search through 2026.

Officials from Regeneron and the Society for Science and the Public announced the sponsorship Thursday at the American Museum of Natural History.

The competition started in 1942 as the Westinghouse Science Talen Search. Intel was the sponsor from 1998 until this year.

Total prize money for the competition will nearly double to $3.1 million a year under the sponsorship of Tarrytown, New York-based Regeneron.

The top winner will now take home $250,000. That’s approximately the cost of four years at a private university.

Alumni of the science talent search have won 12 Nobel Prizes.

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