The joint laboratory will focus on the discovery and development of new biologic cancer treatments over an initial five-year period.
Under the deal, scientists from both organisations will work together on multiple oncology projects at the new CRUK-MEDI Alliance Laboratory.
The deal will see Cancer Research UK provide set-up and operational funding for the laboratory and will contribute a portfolio of new drug targets together with a team of scientists, while MedImmune will oversee the laboratory activities and provide access to its human antibody phage display libraries and established antibody-engineering technologies.
MedImmune executive vice-president Bahija Jallal said oncology is a core therapeutic area for AstraZeneca and the company is pleased to enter this strategic antibody discovery and development collaboration with Cancer Research UK.
"Our collaboration represents an innovative public-private business model for biologic drug development as we will share knowledge and expertise in a dedicated laboratory to discover potentially ground-breaking medicines for cancer patients," Jallal said.
MedImmune R&D vice-president and Cambridge Site Leader Jane Osbourn said: "Through this transformative collaboration, Cancer Research UK will have access to MedImmune’s capabilities and technology to help them develop pre-clinical candidates, while MedImmune will benefit from access to Cancer Research UK’s principal investigators and scientists."