The Press biotech scheme is being developed by specialist investors Mission Street and BGO and will see lab and office space built either as a headquarters building or up to six smaller suites.

This will follow on from the provision of fully fitted laboratory suites of 4,500 to 12,000 sq ft, which will be completed early in 2024.

Targeting BREEAM Excellent, the development will come with EV charging points, photovoltaic panels and highly efficient M&E systems using only electricity will reduce the site’s reliance on fossil fuels.

Artem Korolev, Founder and CEO of Mission Street, said: “8build has the technical know-how to help us bring forward the latest phase of The Press.

“The pioneering, three-phase development will cater to innovative companies at every stage of their R&D journey.

“We look forward to reaching the next milestone at The Press, which promises to deliver the facilities that will enable Cambridge to continue on its journey to becoming a supercluster of R&D excellence.”