AstraZeneca To Pump $570 Million Into Canada, Driving Expansion, Job Growth

On Thursday, European pharma giant AstraZeneca Plc AZN announced a plan to invest CA$820 million ($570 million) in Canada, creating more than 700 jobs across all business areas.

The investment will support the move to a larger, state-of-the-art office facility in the greater Toronto area.

New investment in Canada will contribute to AstraZeneca’s global ambition to achieve $80 billion in total revenue and bring 20 new medicines by 2030, of which eight have been delivered to date.

Also Read: FDA Approves AstraZeneca’s Datroway For Pretreated Breast Cancer Patients

The company expects seven first Phase 3 clinical trial data readouts in 2025.

In 2023, AstraZeneca contributed more than CA$230 million in research and development in Candana, much of which was focused on delivering over 210 AstraZeneca global clinical studies of new medicines and indications.

Since 2023, the company’s investments in Canada have exceeded CA$1.3 billion, creating a combined 1,200 new high-skilled jobs.

In 2024, AstraZeneca completed a CA$3 billion agreement to acquire Ontario-based Fusion Pharmaceuticals, which is developing next-generation radioconjugates for cancer treatment.

The Fusion announcement represents one of the largest research investments made in a Canadian biotechnology company.

AstraZeneca employs more than 2,100 people across Canada.

Last week, AstraZeneca announced to restructure its leadership in China following a high-profile scandal involving its former country president, Leon Wang, and other employees.

AZN Price Action: AZN stock is up 0.77% at $69.13 during the premarket session at last check Friday.

Read Next:

• Disney CEO Bob Iger’s Pay Surges 30% In 2024: Details

Photo: Shutterstock