AstraZeneca Canadian investment to drive R&D growth
Posted: 24 January 2025 | Catherine Eckford (European Pharmaceutical Review) | No comments yet
The US$570m investment will contribute to advancing AstraZeneca’s global clinical pipeline, a key goal of its strategy to 2030.
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AstraZeneca is building its pharmaceutical presence in Canada with an investment of $570 million US dollars. This new commitment supports a move to a larger, cutting-edge office facility in the Greater Toronto Area, Ontario.
“AstraZeneca’s investment of C$820 million (US$570 million)… will strengthen the Province’s life sciences strategy, driving economic growth, and foster innovation that benefits patients in Canada and around the world”
The move will not only create over 700 jobs but contribute to AstraZeneca’s goal of bringing 20 new medicines to patients globally by 2030. To date, eight new medicines have been delivered, the pharmaceutical company confirmed.
“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,” Pascal Soriot, the company’s Chief Executive Officer stated.
“AstraZeneca’s investment of C$820 million (US$570 million), 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,” Gaby Bourbara, President, AstraZeneca Canada commented.
Boosting AstraZeneca’s R&D and clinical pipeline in Canada
The company highlighted that it channelled over C$230 million into R&D in 2023, and its investments in Canada have since exceeded C$1.3 billion.
For instance, in 2024, AstraZeneca completed a C$3 billion acquisition of Fusion Pharmaceuticals, which is developing next-generation radioconjugates. This agreement represents one of the biggest research-based investments made in a Canadian biotech, according to AstraZeneca.
More recently, in November 2024, the firm committed an investment of $3.5 billion in the US, as part of the company’s aim to boost its research and manufacturing footprint by the end of next year. This multi-billion-dollar investment, together with the proposed $570 million US dollar commitment in Canada, align with AstraZeneca’s plan to reach $80 billion in Total Revenue by the end of 2030.
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Big Pharma, Biopharmaceuticals, business news, Clinical Development, Clinical Trials, Drug Development, Drug Markets, Industry Insight, Research & Development (R&D), Technology, Therapeutics
