Skanska is delivering the major building project, which was due to be complete for occupation at the end of last year.
Staff are set to start moving into the new building in late 2018 with the site becoming fully operational by 2019.
Chief Executive Pascal Soriot revealed the cost increase as he visited the site to mark the topping out of the concrete frame and saw-edged roofing sections being fitted.
The delay and forecast project budget increases stem from extra investment in technology and equipment in the centre, rather than unrealistic estimates or poor planning.
“We are bringing more capability to the new building than originally planned. This includes increased investment in new technologies and robotics equipment,” a spokesperson for the company said.
The new hub building at the heart of the Cambridge Biomedical Campus will become the company’s largest centre for oncology research, as well as housing scientists focused on cardiovascular and metabolic diseases, respiratory, inflammation and autoimmune diseases and conditions of the central nervous system.
The site will also be home to a joint research centre, which will see Medical Research Council-supported researchers working side-by-side with AstraZeneca’s high throughput screening group.