Government to invest Ј250m in new London-based medical research centre
The UKCMRI is a partnership between Cancer Research UK, the Medical Research Council (MRC), University College London and the Wellcome Trust, and aims to further insight into illnesses including cancers, heart disease and stroke.
The funding will be allocated to the MRC by the Department for Business, Innovation and Skills (BIS).
Although the investment has yet to be fully ratified, the move is seen as a welcome show of support from the government which will enable the partners to pledge more funding of their own.
The announcement was made during a visit to the Wellcome Trust by the Prime Minister Gordon Brown, the Business Secretary Peter Mandleson and Health Secretary Andy Burnham.
The four partners have secured a 3.6-acre site north of the British Library in the St Pancras and Somers Town area of London, where the UKCMRI will be constructed.
According to the Prime Minister, the four-way collaboration will cement Britain's status as a prominent destination for medical research.
"It will work to deliver the life-saving treatments of tomorrow and translate research discoveries into competitive advantages for the UK economy," Mr Brown confirmed.
Meanwhile, Harpal Kumar, Cancer Research UK's chief executive, said: "We welcome today's announcement. This unique partnership between charities, government and academia lights a path towards a powerhouse for scientific discovery in this country and across the globe.
"The UKCMRI will generate cutting-edge science and push forward the boundaries of innovation. But for the biggest impact we should look to those patients in the future, including those with cancer, who will be diagnosed, treated and cured using breakthroughs that will be made in this new institute."