AstraZeneca to Financially Commit $570M Toward Global Hub Expansion in Canada
The investment not only moves along the company’s efforts in advancing clinical studies, but also opens up 700 new jobs for the Greater Toronto area.
AstraZeneca will be investing $570 million in Canada, which is expected to help power a move to a larger, more modern facility in the Greater Toronto Area (GTA), Ontario.1 In the process, the decision will also be creating more than 700 high-skilled jobs, spanning various business sectors.
By 2030, the company’s goal is to bring 20 new medications to patients worldwide, while reaching $80 billion in total revenue. On the medication front, the marker is at eight as of now, but more are in the works; seven first Phase III clinical trial data readouts are expected later this year. AstraZeneca contributed more than $160 million in R&D back in 2023, with a priority on providing 210 global clinical studies involving new medicines and indications.
“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,” said Pascal Soriot, AstraZeneca’s CEO. “We believe the diverse talent pool together with the network of world-class universities, hospitals, and research centers will help us bring new medicines to Canadians and patients worldwide.”
Company executives are also optimistic that these financial efforts will help successfully treated a multitude of complex and rare diseases.
“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,” explained Gaby Bourbara, president of AstraZeneca Canada. “AstraZeneca’s investment of C$820 million (US$570m), 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.”
In other AstraZeneca news, an acquisition that made headlines last year was the company’s $2.09 billion purchase of Fusion Pharmaceuticals,2 a clinical-stage biopharma company that is developing next-generation radioconjugates (RCs); its goal, the company says, is to “redefine radiotherapy for cancer patients.”
Specifically, the deal supplements AstraZeneca's oncology portfolio by adding Fusion’s RCs, including FPI-2265, a potential new treatment for metastatic castration-resistant prostate cancer (mCRPC) patients. FPI-2265 targets prostate-specific membrane antigen, which is a protein found in mCRPC; it’s currently in a Phase II trial.3
“This acquisition combines Fusion’s expertise and capabilities in radioconjugates, including our industry-leading radiopharmaceutical R&D, pipeline, manufacturing and actinium-225 supply chain, with AstraZeneca’s leadership in small molecules and biologics engineering to develop novel radioconjugates,” said John Valliant, CEO of Fusion. “Expanding on our existing collaboration with AstraZeneca where we have advanced FPI-2068, an EGFR-cMET targeted radioconjugate into Phase I clinical trials, gives us a unique opportunity to accelerate the development of next-generation radioconjugates with the aim of transforming patient outcomes.”
References
1. AstraZeneca plans C$820 million (US$570m) investment in Canada to advance growing global hub and clinical delivery. AstraZeneca. January 23, 2025. Accessed January 24, 2025. https://www.astrazeneca.com/media-centre/press-releases/2025/astrazeneca-plans-c820-million-us570m-investment-in-canada-to-advance-growing-global-hub-and-clinical-delivery.html
2. AstraZeneca to acquire Fusion to accelerate the development of next-generation radioconjugates to treat cancer. AstraZeneca. March 19, 2024. Accessed January 24, 2025. https://www.astrazeneca.com/media-centre/press-releases/2024/astrazeneca-to-acquire-fusion.html
3. FPI-2265 (225Ac-PSMA-I&T) for Patients with PSMA-Positive Metastatic Castration-Resistant Prostate Cancer (mCRPC). National Cancer Institute at the National Institutes of Health. Accessed January 24, 2025. https://www.cancer.gov/research/participate/clinical-trials-search/v?id=NCI-2024-04400
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