British pharmaceutical giant AstraZeneca is investing $820-million CAD in Canada to support its move into a larger office in the Greater Toronto Area.
AstraZeneca said the investment will create more than high-value 700 jobs across all areas of its business, and contribute to its goal of bringing 20 new medicines to patients around the world by 2030, eight of which have already been launched.
Premier Doug Ford announced that the Government of Ontario is contributing a $16.1-million CAD grant through Invest Ontario to support the company’s expansion effort, adding that the new jobs would strengthen Ontario’s position as a global leader in life sciences and innovation.
“This investment is a reflection of […] our strong belief in Canada’s potential as a global hub for life sciences innovation.”
Pascal Soriot
AstraZeneca
The expanded operations will strengthen AstraZeneca’s research and capabilities and enhance clinical trial design in oncology, immunology, and infectious diseases by leveraging artificial intelligence, computational pathology, and digital health technologies, Invest Ontario said in a statement.
Invest Ontario added that it also provided AstraZeneca with site selection services, market intelligence, and immigration support to streamline the investment process.
“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 a statement.
Ontario has been looking to establish itself as a global biomanufacturing and life sciences hub, evidenced by the launch of the second phase of its life sciences strategy this past October. The phase, which includes $146 million in provincial spending commitments, has set an anchor goal of growing the province’s biomanufacturing and life sciences holding 85,000 high-value jobs by 2030.
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AstraZeneca said it has created more than 1,200 jobs and invested more than $1.3-billion CAD in Canada since 2023. The pharmaceutical company also acquired Hamilton-based biopharmaceutical precision oncology firm Fusion Pharmaceuticals for $3-billion CAD last June.
“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,” Soriot said.
Feature image courtesy AstraZeneca via LinkedIn.