By Connor Hart
AstraZeneca will invest 820 million Canadian dollars, equivalent to $570.3 million, to facilitate a move to a larger office in the Toronto metro area.
The Anglo-Swedish pharmaceutical giant said Thursday that the move will add 700 high-skilled jobs across all areas of its business.
The investment comes after AstraZeneca last year completed its C$3 billion acquisition of Hamilton, Ontario-based Fusion Pharmaceuticals, which is developing next-generation radioconjugates, a novel drug modality that delivers radiation directly to cancer cells. The company since 2023 has invested C$1.3 billion in Canada, it said.
"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," Chief Executive Pascal Soriot said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 23, 2025 14:54 ET (19:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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