AstraZeneca invests US$570M in Canada, creating 700 jobs

CANADA—AstraZeneca, a global leader in the pharmaceutical industry, has announced a significant C$820 million (US$570 million) investment in Canada.

This investment is set to create over 700 high-skilled jobs across various sectors of the company.

 This development comes just a few months after AstraZeneca India made its own announcement, investing 250 crore rupees (US$30 million) to expand its Global Innovation and Technology Centre (GITC) in Chennai, Tamil Nadu.

The Canadian investment will support AstraZeneca’s global innovation efforts by driving innovation, improving operational efficiency, and streamlining processes worldwide.

 A key part of this investment will include the move to a new, larger state-of-the-art office facility in the Greater Toronto Area (GTA), Ontario.

AstraZeneca’s global goals are ambitious, aiming to achieve US$80 billion in total revenue by 2030 and to bring 20 new medicines to patients worldwide.

So far, eight new medicines have been delivered, and the company expects seven first-phase clinical trial results in 2025.

Canada plays a significant role in AstraZeneca’s research and development efforts, with the company contributing over C$230 million (US$160.441 million) in R&D in 2023.

 This contribution is focused on over 210 global clinical studies of new medicines and indications.

Since 2023, AstraZeneca’s investments in Canada have surpassed C$1.3 billion (US$906.834 million), resulting in the creation of around 1,200 high-skilled jobs.

In addition to these ongoing efforts, AstraZeneca recently completed a C$3 billion (US$2.092 billion) deal to acquire Fusion Pharmaceuticals, a Hamilton, Ontario-based company.

Fusion is pioneering next-generation radioconjugates that could revolutionize radiotherapy for cancer patients.

This acquisition represents one of the largest investments in a Canadian biotechnology company, further solidifying Canada’s role as a leader in life sciences.

Pascal Soriot, Chief Executive Officer of AstraZeneca, highlighted that this investment reflects the company’s expanding clinical pipeline and its strong belief in Canada’s potential as a global hub for life sciences innovation.

He also emphasized the importance of collaboration with the Ontario government in making this vision a reality.

Ontario Premier Doug Ford expressed excitement over the announcement, praising the province’s talented workforce and innovative environment.

He also noted the government’s support through Invest Ontario, which contributed C$16.1 million (US$11.236 million) to help bring these high-skilled jobs to the region.

Gaby Bourbara, President of AstraZeneca Canada, reinforced the significance of this investment, stating that it would advance the development of life-saving medicines for conditions such as prostate, lung, and breast cancer, as well as rare diseases.

Bourbara also added that this continued investment in Ontario would drive economic growth and foster innovation, benefiting both Canadian patients and those around the world.

Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.