AstraZeneca Investing $570 M To Expand Ops in Canada
AstraZeneca has announced a $570-million investment in Canada across all areas of the business. The investment will support the move to a larger office facility in the Greater Toronto Area, Ontario.
The company says that its new investment in Canada is part of an overall strategic goal to achieve $80 billion in total revenue and to bring 20 new medicines to market by 2030, of which eight new medicines have been delivered to date (as of January 23, 2025). The company also expects seven first Phase III clinical trial data readouts in 2025.
Canada is an important R&D source for AstraZeneca with $146 million in R&D spending in 2023, much of which is focused on delivery of more than 210 AstraZeneca global clinical studies of new medicines and indications. Since 2023, the company’s investments in Canada have exceeded $902 million and have created a combined 1,200 new high-skilled jobs. In 2024, AstraZeneca completed a $2-billion agreement to acquire Hamilton, Ontario-based Fusion Pharmaceuticals, which is developing radioconjugates for treating cancer.
The company’s announced investment in Canada is part of larger investment plan, with large-scale investments in the US and Asia. In November 2024, AstraZeneca announced $3.5 billion of capital investment in the US focused on expanding the company’s research and manufacturing footprint by the end of 2026, which includes $2 billion of new investments. AstraZeneca’s expanding footprint in the US includes, among other projects:
- A R&D center in Kendall Square, Cambridge, Massachusetts;
- A manufacturing facility for biologics in Maryland;
- Cell-therapy manufacturing capacity on the West and East Coasts.
- Specialty manufacturing in Texas.
The US is AstraZeneca’s largest market, generating 44% of the company’s total revenue.
In addition, the company is expanding in Asia. Last May (May 2024), the company announced plans to build a $1.5-billion manufacturing facility in Singapore for antibody drug conjugates (ADCs). The planned greenfield facility, supported by the Singapore Economic Development Board, will be AstraZeneca’s first end-to-end ADC production site, fully incorporating all steps of the manufacturing process at a commercial scale. Design and construction of the manufacturing facility was slated to begin by the end of 2024, with operational readiness targeted in 2029.
Source: AstraZeneca