The UK Centre for Medical Research & Innovation (UKCMRI) will be built in St Pancras, with work starting on site in the next few weeks.
The centre, designed by the architects HOK with PLP Architecture, will have 1,500 staff including 1,250 scientists.
UKCMRI is founded by four of the world's leading research organisations: the Medical Research Council, Cancer Research UK, the Wellcome Trust and University College London (UCL).
The construction phase is scheduled to take two years and cost £350m. It will take a further two years for fitting out.
The institute will combine scientists from Cancer Research UK's London Research Institute at Lincoln's Inn Fields and Clare Hall in Hertfordshire, the MRC's National Institute for Medical Research at Mill Hill, and UCL.
UKCMRI chief executive Sir Paul Nurse said: "This extraordinary development will play a key role in understanding and tackling diseases that affect people across the UK. It is a complex building designed to promote creative and collaborative research to study these problems."
Construction director Andy Smith added: "After a lengthy and detailed evaluation process, Laing O'Rourke was chosen as the main contractor for the development of UKCMRI. The Laing O'Rourke bid scored the highest technically and commercially of the tenders received and represented the best value for money. Laing O'Rourke has a superb track record in delivering such complicated projects."
Roger Robinson, chief executive of Laing O'Rourke's Europe hub, said: "We are delighted to have been awarded the contract to deliver this transformational project in the heart of central London. We look forward to working with UKCMRI to deliver a state-of-the-art medical research facility that will drive advances in the prevention and treatment of diseases.
"The Laing O'Rourke team has the right blend of technical expertise and construction resources required to ensure delivery of such a world-class project. Our comprehensive understanding of the local issues and commitment to the key stakeholders involved will be instrumental in meeting this complex engineering challenge."
The scale of the development has not been without controversy in the neighbourhood, even though Camden council has negotiated £10m of compensatory benefits for the area.
UKCMRI and Laing O'Rourke are creating a community liaison group to keep local residents up to date on progress. Sir Paul Nurse said: "We are determined this institute will be a good neighbour to local people. Over the last three years we have had an ongoing programme of community consultation which will continue as building work begins. UKCMRI has agreed with [Camden] council a package of benefits for local people worth around £10m - with initiatives to improve health and homes, employment and education, community safety and the environment."
The local community package includes:
- £1.7m to improve local council housing through Camden's Better Homes programme
- £3.8m towards a new district energy centre to supply cheaper heat and power to local people
- a 450m² community Living Centre run in partnership with local people to improve health and well-being
- training and employing at least 40 apprentices
- a local business support strategy - to help local businesses win contracts for the institute's goods and services
- funding for community policing and safety measures
- a teaching laboratory for young people with priority access for local schools,
- an education programme and volunteering scheme including an education officer
- a “public engagement with science” programme
- a 450-seat auditorium and exhibition area available for local organisations to use
- enhancements to public open spaces
- a new pathway for pedestrians and cyclists linking St Pancras International to Ossulston Street running between the institute and the British Library.
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