The new site will house a workforce of approximately 2,000 as AstraZeneca consolidates UK research operations in one site.

Pascal Soriot, Chief Executive Officer, AstraZeneca 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.

“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.

“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.”

The consolidation of R&D and some other corporate and global functions at a new facility in Cambridge will impact other UK sites over the next three years.

Under the proposals, research and development work will no longer be carried out at the Alderley Park site which today houses around 2,900 employees.

AstraZeneca’s global headquarters in Paddington, west London are also expected to close by 2016.

The proposed changes will result in an estimated 700 redundancies.

David Willetts, Minister for Universities and Science, said: “Clearly the decision to reduce R&D activity at Alderley Park is disappointing.

“But the government will work closely with AstraZeneca and local partners to ensure this excellent facility has a prosperous future with new opportunities for the site.”