Pharmaceutical company AstraZeneca today announced plans to establish a £330m research centre and corporate HQ in Cambridge by 2016.
The purpose-built site is part of a move to improve productivity, alongside similar centres in the US and Sweden.
Chief executive Pascal Soriot said: “Our proposed investment is a clear signal of AstraZeneca’s long-term commitment to the UK and highlights the important role Cambridge plays internationally in bioscience research.
“The Government’s Life Sciences Strategy and the meaningful policies they have put in place in recent years to encourage investment help make Britain an attractive location for biopharmaceutical research and development.
“Cambridge, which boasts strong links with London-based research institutions, is a world-renowned bioscience hotspot that rivals the likes of San Francisco and Boston.
“In a world where partnerships and collaborations drive medical progress, becoming an integral part of the Cambridge ecosystem offers compelling advantages for AstraZeneca, giving us easier access to leading-edge academic and industry networks, scientific talent and valuable partnering opportunities.
“I believe that the investment we are announcing today greatly increases the chances that the next generation of innovative medicines will be invented and manufactured in Britain.”
Facilities and staff will be relocated from Alderley Park in Cheshire and the London HQ.
The proposals are subject to consultation.