AstraZeneca to invest US $570 million in Canada

CANADA – AstraZeneca (AZ) has announced plans to invest approximately US $570 million (C$820 million) in Canada, reinforcing the country’s status as a “growing global hub” for clinical trials.

This investment will support the development of a new, larger office facility in the Greater Toronto Area and lead to the addition of 700 new jobs, expanding AZ’s workforce in Canada across all areas of its operations.

According to Pascal Soriot, AstraZeneca’s Chief Executive Officer, the decision to invest heavily in Canada underscores the country’s emergence as a leader in life sciences innovation and reflects confidence in the company’s clinical pipeline.

He praised Canada’s collaborative government policies and strong research ecosystem, stating, “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.”

This investment is part of AZ’s broader strategy to grow its global sales to US $80 billion by 2023, supported by the launch of 20 new medicines, eight of which are already available.

Canada’s reputation as a key player in clinical trials has been bolstered by its ranking as the top G7 country for clinical trials per capita in 2023, with the pharmaceutical sector contributing C$82.1 billion (US $57.19 billion) to the country’s GDP and receiving C$2.2 billion (US $1.53 billion) in federal funding.

AstraZeneca has a history of significant investments in Canada. In 2023, the company announced a C$500 million (US $348.27 million) investment to expand its Global Clinical Hub in Mississauga, Ontario, enhancing its research and clinical trial capabilities.

That year alone, AZ conducted 210 clinical trials, spending C$230 million (US $160.2 Million) on research and development.

Over the past few years, the company has invested a total of C$1.3 billion in Canada, creating 1,200 new jobs and increasing its workforce in the country to over 2,100.

AstraZeneca’s commitment to Canadian innovation is further reflected in its 2023 acquisition of Fusion Pharma, a Hamilton, Ontario-based radiopharmaceuticals developer.

The C$3 billion (US $2.09 billion) deal, one of the largest research investments in a Canadian biotech company, followed a four-year partnership with Fusion Pharma.

The latest investment programme has received C$16 million (US $11.14 million) in support from the Ontario government under its Invest Ontario scheme.

Ontario Premier Doug Ford welcomed the news, stating, “It is fantastic news for Ontario and another testament to the incredible talent, innovation, and opportunities our province has to offer.”

This expansion in Canada comes alongside other major investments by AstraZeneca, including a US $3.5 billion R&D and manufacturing expansion in the US and UK, and a £450 million (US $578 million) vaccine plant in the UK.

These initiatives align with the company’s mission to advance healthcare globally through innovation and local collaboration.