AstraZeneca plans C$820 million (US$570m) investment in Canada to advance growing global hub and clinical delivery
700 new scientific and high-skilled jobs to be created in Greater Toronto Area, investing to execute more than 210 AstraZeneca global clinical studies
MISSISSAUGA, ON, Jan. 23, 2025 /CNW/ - AstraZeneca, a global pharmaceutical company focused on developing life changing medicines, today announced a C$820 million (US$570m) investment in Canada, creating more than 700 high-skilled jobs, across all areas of the business. The investment will support the move to a larger, state-of-the-art office facility in the Greater Toronto Area (GTA), Ontario.
New investment in Canada will contribute to AstraZeneca's global ambition to achieve US$80 billion in Total Revenue and to bring 20 new medicines to patients around the world by 2030 of which eight new medicines have already been launched to date. The Company also expects seven first Phase III clinical trial data readouts in 2025.
AstraZeneca is one of the leading R&D investors in Canada, contributing more than C$230 million in research and development in 2023, much of which is focused on delivery of over 210 AstraZeneca global clinical studies of new medicines and indications. The Company's investments in Canada since 2023 now exceed C$1.3 billion, creating a combined 1,200 new high-skilled jobs. In 2024, AstraZeneca completed a C$3 billion agreement to acquire Hamilton, Ontario-based Fusion Pharmaceuticals, which is developing next-generation radioconjugates with the promise to redefine radiotherapy for cancer patients. The Fusion announcement represents one of the largest research investments made in a Canadian biotechnology company.1 Together these investments are contributing to the growth of Canada's life sciences sector and the advancement of AstraZeneca's global clinical studies pipeline.
Pascal Soriot, Chief Executive Officer, AstraZeneca said: "This investment is a reflection of our growing clinical pipeline, our strong belief in Canada's potential as a global hub for life sciences innovation, and the value of public-private collaboration with the Ontario government. We believe the diverse talent pool together with the network of world-class universities, hospitals, and research centres will help us bring new medicines to Canadians and patients worldwide."
Doug Ford, Premier of Ontario said: "Today's announcement is fantastic news for Ontario and another testament to the incredible talent, innovation and opportunities our province has to offer. Our government, through Invest Ontario, is proud to support AstraZeneca with C$16.1 million to help bring these hundreds of new, highly-skilled jobs to Ontario, strengthening Ontario's position as a global leader in life sciences and innovation."
Gaby Bourbara, President, AstraZeneca Canada said: "AstraZeneca's continued investment in Ontario is crucial to advancing innovative medicines that treat, prevent, and may one day cure complex diseases like prostate, lung, and breast cancer, as well as rare diseases. AstraZeneca's investment of C$820 million (US$570m), alongside the Government of Ontario's contribution through Invest Ontario, will strengthen the Province's life sciences strategy, driving economic growth, and foster innovation that benefits patients in Canada and around the world."
AstraZeneca in Canada
AstraZeneca employs more than 2,100 people across Canada. Together, AstraZeneca's R&D Hub and the Alexion, AstraZeneca Rare Disease Development Hub, are leading more than 210 global clinical studies in areas such as breast, lung and prostate cancer, COPD, severe asthma, and rare disease. The company was recently named one of Canada's Top 100 Employers for the second consecutive year.
Notes
AstraZeneca
AstraZeneca (NASDAQ:AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca's innovative medicines are sold in more than 125 countries and used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on social media @AstraZeneca.
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"Under the leadership of Premier Ford, Ontario continues to be at the forefront of life sciences innovation. AstraZeneca's investment will not only support economic growth in Mississauga, but reinforce Ontario's position as a premier destination for domestic and international biomanufacturers to advance their research and drive medical breakthroughs."
Honourable Victor Fedeli
Minister of Economic Development, Job Creation and Trade
"Our government continues to take bold and innovative action to make it faster and easier for families to connect to life-changing technology and innovative treatment options. Through our investment in AstraZeneca Canada's expansion, our government is taking another step to champion made-in-Ontario medical innovation to provide more people with the care and treatment they need, for years to come."
Honourable Sylvia Jones
Deputy Premier and Minister of Health
"AstraZeneca's continued investment recognizes Ontario's strength as a life sciences ecosystem and experienced talent needed for global innovative companies. We are proud to support AstraZeneca in harnessing AI and data to drive medical breakthroughs and improve healthcare outcomes for patients around the world."
Jennifer Block
Interim CEO, Invest Ontario
"Today's announcement marks a pivotal moment for both Mississauga and Ontario's life sciences sector. AstraZeneca's continued investment is a testament to the power of collaboration between industry and government, propelling us closer to our goal of establishing Ontario as a leader in innovation. This investment creates new opportunities and strengthens our province's and the City of Mississauga's future."
Carolyn Parrish
Mayor, City of Mississauga
"AstraZeneca's investment in Ontario's life sciences sector highlights the province's growing status as a global hub for healthcare innovation. This milestone underscores the vital role of industry in advancing life-saving treatments and the importance of government-industry collaboration in driving economic growth. It aligns with Premier Ford's vision for timely access to life-saving medicines and reinforces Ontario's commitment to attracting global investment. Innovative Medicines Canada is proud to celebrate initiatives like this, showcasing Ontario's potential as a leading life sciences destination and paving the way for a healthier, more prosperous future for Canadians."
Dr. Bettina Hamelin
President, Innovative Medicines Canada
"BIOTECanada welcomes the Government of Ontario's continued support for the life sciences sector and the government's strong commitment to fostering innovation, driving economic growth, and improving patient outcomes. This announcement highlights how strategic investments and collaboration are growing the value of the biotech ecosystem with highly skilled jobs and opportunities for Canadian competitiveness."
Wendy Zatylny
President & CEO, BIOTECanada
"AstraZeneca's continued investment in Ontario's life sciences sector is a testament to the strength of our innovation ecosystem. The partnership between AstraZeneca and the Ontario government demonstrates how industry-government collaboration can accelerate healthcare innovation. This investment will further help develop the sectors research capabilities and support Ontario's ambition to become a global leader in life sciences."
Jason Field
President & CEO, Life Sciences Ontario
"AstraZeneca's continued investment in Ontario's life sciences sector has played an enormous role in establishing this province as a leader in health research and clinical trials, bringing highly skilled jobs and innovative therapies to Ontarians. Today's announcement is a testament to the power of collaboration. When leaders come together from government, industry and the life sciences community, we can build an engine that will drive economic growth and fuel the future of medicine."
Susan Marlin
President & CEO, Clinical Trials Ontario
SOURCE AstraZeneca Canada Inc.
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