The consortium behind the UK Centre for Medical Research and Innovation (UKCMRI) has formally agreed to build the new institute at St Pancras and Somers Town in the London Borough of Camden.

The Medical Research Council (MRC), Cancer Research UK, Wellcome Trust and UCL (University College London) have signed an agreement to set up UKCMRI as a charitable foundation subject to the agreement of the Charity Commission.

When he set out the Government's National Infrastructure Plan in October, the Prime Minister, David Cameron, identified UKCMRI as a key part of the country's future economic development. The plan followed confirmation of the Government's share of funding in the Spending Review. Describing scientific research as "vital to our future economic success", the Chancellor of the Exchequer, George Osborne, announced Government funding subject to approval of the MRC's full business case.

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The £600 million Centre will prevent and cure disease, create jobs and harness a sector of the economy in which the UK is a world leader. It will investigate fundamental biological processes underlying human health, and will study diseases that affect people across the UK, including cancers, heart disease and stroke, infections, diseases of the immune and nervous systems and the degenerative conditions linked to ageing.

The Minister for Universities and Science, David Willetts MP, said: "I am delighted to be present at the signing of the Joint Venture Agreement for UKCMRI. This will be crucial for British biomedical research in the future. The four partners will create a world class centre with a mix of expertise and critical mass to capture cutting-edge science for the benefit of patients."

Sir David Cooksey, the Chairman of UKCMRI, said: "The signing of this agreement is an important milestone in this exciting project. The ongoing support for UKCMRI from the founders will enable the institute to tackle disease and understand health. This partnership will help to keep the UK at the forefront of innovation; it will attract high value investment, strengthen the economy and improve people's lives."

(CD/KMcA)