According to the Anglo-Swedish drugmaker, the investment will contribute to its global ambition to achieve $80 billion in total revenue and to bring 20 new medicines to patients around the world by 2030 of which eight new medicines have been delivered to date. The company also expects seven first Phase III clinical trial data readouts in 2025.

Contributing more than $160 million in 2023, AstraZeneca claims to be one of the leading R&D investors in Canada. Most of this investment is focused on delivery of over 210 global clinical studies of new medicines and indications. The company’s investments in Canada since 2023 now exceed $900 million, creating a combined 1,200 new jobs.

In 2024, AstraZeneca completed a $2 billion agreement to acquire Hamilton, Ontario-based Fusion Pharmaceuticals, which is developing next-generation radioconjugates with the promise to redefine radiotherapy for cancer patients. The Fusion announcement represents one of the largest research investments made in a Canadian biotechnology company, AstraZenca said.

Pascal Soriot, CEO of AstraZeneca, commented: “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.”

Gaby Bourbara, president of AstraZeneca Canada, added: “AstraZeneca’s continued investment in Ontario is crucial to advancing innovative medicines that treat, prevent, and may one day cure complex diseases like prostate, lung, and breast cancer, as well as rare diseases.”

Across Canada, AstraZeneca employs more than 2,100.