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AstraZeneca is expanding its boot print in Canada with a $570 million investment designed to create 700 jobs.
The Big Pharma has also received about $11 million from Canada’s government through a program known as Invest Ontario, according to a Jan. 23 release.
AstraZeneca plans to recruit 700 new employees across all areas of the business while also moving to a larger site in the Toronto area.
Back in 2023, the pharma opened a new rare disease research hub in the area, touting plans to add 500 new jobs at that time.
The latest investment also follows AstraZeneca’s $2 billion buyout of Fusion Pharmaceuticals—a radiopharmaceutical biotech based in Ontario—last March.  Â
Overall, the enhanced presence in Canada is designed to help AstraZeneca complete its more than 210 global clinical trials, with seven phase 3 data readouts slated for this year, according to the pharma.Â
“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,” AstraZeneca CEO Pascal Soriot said in the release. “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.”
Since 2023, AstraZeneca has put down more than $1.11 billion in Canadian investments, according to the pharma.