Ontario’s Life Sciences Sector Expands: $820 Million Investment and New LSSUF Funding for SMEs

Ontario’s life sciences sector is experiencing unprecedented growth, thanks to a major $820 million investment from AstraZeneca and additional funding opportunities such as the Life Sciences Scale-Up Fund (LSSUF). This expansion not only reinforces Ontario as a global leader in life sciences innovation but also opens new doors for small and medium-sized enterprises (SMEs) looking to scale their operations. 

Since 2018, Ontario has attracted over $6 billion in investments from leading life sciences companies and global biomanufacturers.  

Additionally, the province’s life sciences strategy, “Taking Life Sciences to the Next Level,” aims to grow employment in the sector to 85,000 high-value jobs by 2030, a 25% increase from 2020. This strategy focuses on advancing research and development, unlocking new streams of capital, supporting the existing ecosystem, and adopting a culture of innovation. 

A Transformational Investment in Ontario’s Life Sciences Sector 

AstraZeneca’s recent commitment of $820 million to expand its research and development (R&D) facilities in Mississauga and relocate its Canadian headquarters marks a historic milestone for Ontario. This strategic investment will create more than 700 high-paying jobs across the province and contribute significantly to the advancement of drug discovery, innovation, and healthcare solutions. 

The investment aligns with AstraZeneca’s ambitious global growth strategy, aiming to achieve $80 billion in revenue by 2030 and introduce 20 new medicines into the market. As a company that has already injected over £732 million into Canada since 2023, AstraZeneca recognizes the immense potential of Ontario as a hub for life sciences research and commercialization. 

“AstraZeneca’s investment is fantastic news for Ontario and a testament to the remarkable talent, innovation, and opportunities our province offers. We are proud to support this expansion, which will create hundreds of highly skilled jobs and further solidify Ontario’s position as a global leader in life sciences and innovation.” 
— Premier of Ontario, Doug Ford 

Life Sciences Scale-Up Fund (LSSUF): A Critical Growth Opportunity for Canadian Businesses 

While large-scale investments like AstraZeneca’s are crucial for Ontario’s economic development, the Life Sciences Scale-Up Fund (LSSUF) ensures that small and medium-sized enterprises (SMEs) also have opportunities to thrive.  

The LSSUF program is designed to support businesses that specialize in human health sciences by providing them with financial backing to scale their operations, drive innovation, and bring transformative healthcare solutions to market. 

Funding Snapshot: Life Sciences Scale-Up Fund (LSSUF) 

Funding Amount  

Eligible businesses can receive up to $2.5 million, covering up to 33% of eligible project costs. Applicants must secure the remaining 67% in funding from other sources.  

Eligibility  

To qualify for the LSSUF, companies must meet all of the following requirements: 

• Be for-profit entities with a registered Canada Revenue Agency (CRA) business number 

• Have a minimum of two years of operational experience with financial statements 

• Employ between 5 to 500 full-time equivalent employees within Ontario by the project start date 

• Be located or planning to relocate to a community within Ontario 

Application Timeline 

Applications are currently open and will close on March 3, 2025, at 5:00 p.m. Interested businesses should prepare their applications early to maximize their chances of securing funding. 

How the LSSUF Strengthens Ontario’s Life Sciences Sector 

Ontario has long been a powerhouse in biotechnology, pharmaceuticals, and medical innovation. By supporting SMEs, the fund ensures that smaller companies can scale up their production, enhance research capabilities, and compete on a global level. This is particularly important as the sector continues to advance cutting-edge medical technologies, biopharmaceuticals, and innovative healthcare solutions. 

A Bright Future for Ontario’s Life Sciences Sector 

With AstraZeneca’s $820 million investment fueling sector-wide growth and the LSSUF providing critical financial support for SMEs, Ontario is well on its way to becoming a global leader in medical innovation.  

Companies looking to expand their footprint, enhance research capabilities, or bring new healthcare solutions to the market should take advantage of the LSSUF and other funding programs to propel their business forward. 

As Ontario’s life sciences sector continues to flourish, this combination of corporate investment and government support will ensure that businesses of all sizes can contribute to the future of healthcare innovation. Now is the time for SMEs to seize these opportunities, scale up their operations, and make a lasting impact in the industry.