AstraZeneca to inject $570 million into Canada to drive expansion, job growth – AstraZeneca (NASDAQ:AZN)

On Thursday, European pharmaceutical giants AstraZeneca AZN Announced plans to invest C$820 million (US$570 million) in Canada, creating more than 700 jobs across all business areas.

This investment will support a move to a larger, state-of-the-art office facility in the Greater Toronto Area.

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

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The company expects to have data from seven first Phase 3 clinical trials in 2025.

In 2023, AstraZeneca contributed more than C$230 million to the research and development of Candana, much of which was focused on delivering more than 210 global clinical studies of AstraZeneca’s new drugs and indications.

The company has invested more than $1.3 billion in Canada since 2023, creating a total of 1,200 new high-skilled jobs.

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

Fusion’s announcement represents one of the largest research investments by a Canadian biotech company.

AstraZeneca has more than 2,100 employees in Canada.

Last week, AstraZeneca announced a leadership shakeup in China following a high-profile scandal involving former China president Wang Liang and other employees.

AZN price action: AZN shares were up 0.77% in pre-market trading at $69.13 at last check on Friday.

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