AstraZeneca is to invest $570m in Canada in a move which will lead to the creation of 700 jobs across the business.
The life sciences company says that the investment, to support a move to a larger facility in the Greater Ontario Area, will contribute to its global ambition to achieve $80bn in total revenue and make 20 new medicines available around the world by 2030. Eight of the planned 20 medicines are already available, and results from seven first Phase III clinical trials are expected during this year.
AstraZeneca will use its expanded operation to strengthen its R&D capability leveraging AI, computational pathology, and digital health technologies, as well as enhancing clinical trial design in oncology, immunology, and infectious disease, according to Invest Ontario which has already provided AstraZeneca with site selection services, market intelligence, and immigration support to streamline the process.
AstraZeneca CEO Pascal Soriot 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.”
Since 2023 AstraZeneca has invested more than $900m in Canada, creating a total of 1200 jobs. During 2024 the company completed its $2.4bn acquisition of Fusion Pharmaceuticals, located in Ontario, which is developing radioconjugates, holding promise for improved radiotherapy treatments for cancer patients. This agreement is said to represent one of the largest research investments made in a Canadian biotechnology company.
Ontario’s life sciences sector is Canada’s largest, generating close to 60% of the country’s revenue in the sector, and since 2018 the province has attracted more than $6 billion in new life sciences investments. During October 2024 Ontario launched Phase 2 of its sector strategy: Taking Life Sciences to the Next Level. The strategy is focused on advancing R&D, strengthening biomanufacturing capacity and accelerating commercialisation.
AstraZeneca employs more than 2,100 people across Canada. 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.
“AstraZeneca’s continued investment recognises Ontario’s strength as a life sciences ecosystem and experienced talent needed for global innovative companies,” said Jennifer Block, Interim CEO of Invest Ontario.
AstraZeneca’s plan for growth has seen the company make significant investments in recent months. In May 2024 the company announced plans to build an antibody drug conjugates (ADCs) production facility in Singapore, investing $1.5 billion; in November 2024, the company announced that is would expand its research and manufacturing footprint in the US with a total of $3.5 billion in capital investment.
Further reading:
• AstraZeneca at 25: ‘The opportunity and the potential is enormous’
• Life sciences and pharma priorities in 2025: M&A, AI and China
• The FDA approved these 50 new drugs in 2024
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