AstraZeneca announced this week that it will be investing in a major expansion of its research sites in Canada, bringing 500 jobs to the Greater Toronto Area.
The investment will contribute to AstraZeneca's R&D hub in Mississauga, which focuses on clinical studies in areas including breast, lung and prostate cancer, COVID-19, and chronic kidney disease. The expansion plan also includes the creation of a new Rare Disease Development Hub for Alexion, the company’s rare disease subsidiary.
According to AstraZeneca, Toronto was chosen due to its scientific talent pool, as well its network of research centers, hospitals and world-class universities.
While much of the industry is facing layoffs, the British-Swedish biopharma is making money moves. Just a few weeks ago AstraZeneca and China-based KYM Biosciences inked a global exclusive license agreement for a potential first-in-class antibody drug conjugate (ADC) targeting Claudin 18.2 — a promising therapeutic target in gastric cancer in a deal worth $63 million with potential milestone payments of up to 1.1 billion.
