AstraZeneca announced a new investment in Canada to support the company’s move into a larger, more modern facility in Greater Toronto Area.
In a press release Thursday, the pharmaceutical company said the investment will total $820 million and will create over 700 high-skilled jobs across its business. It also stated the investment will help AstraZeneca achieve its goal of reaching US$80 billion in total revenue and bring 20 new medicines to patients by 2030. The company added it has completed eight of the 20 new medicines.
“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,” AstraZeneca CEO Pascal Soriot said in the release.
“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.”
According to the release, AstraZeneca’s investments in Canada exceed $1.3 billion since 2023 and have created 1,200 high-skilled jobs.
Ontario Premier Doug Ford said in the release that the announcement is “fantastic news” and “another testament” to the talent and innovation opportunities available in the province.
“Our government, through Invest Ontario, is proud to support AstraZeneca with $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,” Ford said.
Thursday’s announcement comes after the company moved to acquire Fusion Pharmaceuticals, a Hamilton based company, in March of last year. AstraZeneca said the acquisition represented one of the largest research investments made in a Canadian biotechnology firm.