The building is a collaborative partnership between the University of Oxford and the pharmaceutical giant Novo Nordisk, which has invested £115m into the project for the next 10 years.
Business Secretary Greg Clark said: “This centre has the potential to transform the way diabetes is treated in the future and improve the lives of people around the world. Our universities and research institutes are world beating and this international investment in the UK is a vote of confidence in both the talent we have and the quality of research and products our scientists develop.
“This is our modern Industrial Strategy in action as we strive towards more public and private research and development investment to upgrade our economy and build a Britain fit for the future.”
The centre has been fitted with state-of-the-art laboratories which will look at several key research elements such as ways to improve early detection of type 2 diabetes and creating better understanding of the relationship between insulin resistance and other health conditions.
Executive Vice President of Novo Nordisk Professor Mads Krogsgaard Thomsen added: “I am very excited to see the strategic alliance between Novo Nordisk and the University of Oxford flourish and set the bar for international collaborative cutting edge scientific research to spearhead collaboration on new treatment for people with type 2 diabetes.”
Last year’s numbers suggested there are more than 3.9 million people in the UK with diabetes, most of which have type 2 diabetes, and figures are set to rise. But research has also shown that eating a healthy diet and getting regular exercise can prevent type 2 diabetes and even put the condition into remission.