Universities minister David Willetts has announced that King's College London will receive £15 million to develop a Research and Innovation Hub within the new Cancer Centre at Guy's Hospital.
The new centre – currently under construction at the corner of Snowsfields and Great Maze Pond – is being developed by Guy's and St Thomas' NHS Foundation Trust in partnership with Guy's & St Thomas' Charity and Dimbleby Cancer Care.
Scheduled to open in 2016, the new Cancer Centre will combine clinical care with research.
Through the new research and innovation hub scientists will be able to collaborate with clinicians, health professionals and patients as they develop technologies and conduct research which will drive the discovery of causes, treatment, and ultimately, cures for cancer.
The hub will also act as a focal point for collaboration with other research organisations and industry to develop commercial products that addresses cancer care.
The £15 million contribution to the Cancer Centre is awarded to King's from the UK Research Partnership Investment Fund (UKRPIF). Managed by the Higher Education Funding Council for England (HEFCE), it supports investment in higher education research facilities, to stimulate investment in university research and to strengthen the contribution of the research base to economic growth.
"Research and innovation are fundamental to improving and extending the lives of people with cancer," said Sir Robert Lechle of King's Health Partners.
"There is evidence that embedding research in specialist cancer centres –which meet the needs of local people, improve patient pathways and develop new treatments – is a key way to deliver health improvements.
"We are delighted that the award from the UK Research Partnership Investment Fund will contribute to making this possible.
"We now have a one-off opportunity to transform prevention, diagnosis and treatment of cancer locally through co-locating research and clinical teams in this new centre.
"This is core to the mission of our Academic Health Science Centre, King's Health Partners, and embodies our vision of pioneering better health and well-being, locally and globally, through integrating excellence in research, education and training, and patient care.'
Minister for universities and science David Willetts said: "The UK's world-class universities are at the forefront of our economic recovery. It's vital we do everything we can to encourage collaboration with the private sector and boost funding for research.
"With funding from the Research Partnership Investment Fund, this excellent project at King's College London will not only deliver new knowledge and applications for industry, but will accelerate growth and foster innovation between the research base and business, keeping the UK ahead in the global race."