The new Campus will bring together the University, NHS, private providers, and industry to support pioneering new start-ups and scale-ups to enter the NHS and global markets.

The new agreement between The University of Warwick, Arden Cross Ltd and Muse follows the development of a detailed proposition, after the HealthTech Campus concept was first launched last year.

The £3.2bn opportunity at Arden Cross will deliver 3,000 new homes, 6m sq ft of commercial space, and vast areas of public space, anchored by the planned HealthTech Campus.

Richard Parker, Mayor of the West Midlands, said: “Arden Cross is a priority growth project for me and the region. It’s pivotal to delivering the business investment and the jobs that we need.

“But we must move faster because complex projects can often take a long time to commence and there is now an urgency for delivery. That’s why I will be working closely with our local councils, investment partners and Government to unlock delivery and attract thousands of new jobs and homes for our local communities.”

Maggie Grogan, managing director – Midlands, at Muse, said: “Arden Cross is already one of the region’s most exciting regeneration opportunities and takes advantage of the significant public investment already being made in HS2.

“The HealthTech Campus will enhance the opportunity as a location of national and international importance.”