Pharmaceutical giant AstraZeneca is to cut 700 jobs in the UK over the next three years and invest £330m.
The company, which employs 6,700 in the UK at eight sites, said it is opening a new research and development centre in Cambridge.
Around 1,600 jobs will be relocated to Cambridge from its base at Alderley Park in Cheshire.
The firm stressed its long-term commitment to the UK, but the announcement was attacked by trade unions, which complained that high-quality jobs were being lost from the north west.
Pascal Soriot, chief executive officer of AstraZeneca, said: "The changes we are proposing represent an exciting opportunity to put science at the heart of everything we do because our long-term success depends on improving R&D and achieving scientific leadership.
"This is a major investment in the future of this company that will enable us to accelerate innovation by improving collaboration, reducing complexity and speeding up decision-making.
But Unite national officer Linda McCulloch described AstraZeneca's decision to relocate over a thousand jobs to Cambridge as "a massive blow for the north west".
GMB national officer Allan Black said: "This is disastrous news for the UK, and for the north west."