AstraZeneca has announced a CAD 820 million (USD 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 USD80 billion in Total Revenue and to bring 20 new medicines to patients around the world by 2030 of which eight new medicines have been delivered 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 CAD 1.3 billion, creating a combined 1,200 new high-skilled jobs.

In 2024, AstraZeneca completed a CAD 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. 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 reflects 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 CAD 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 CAD 820 million (USD 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.”