Drugs giant AstraZeneca is to invest £120 million in a new facility at its global manufacturing site in the UK, securing 300 jobs and creating 200 temporary posts.
The development, at the firm's plant in Macclesfield, Cheshire, will lead to continued production of Zoladex, an injectable treatment for patients with prostate cancer.
The temporary jobs will be created during the construction and commissioning phase between now and early 2017.
David Smith, executive vice-president, operations, at AstraZeneca, said: "Zoladex is one of AstraZeneca's leading cancer drugs, supplied to patients across the globe. This new facility will support the continued production of this important medicine in the UK.
"Having considered a number of options globally, we believe it is the right choice to build the new facility in Macclesfield, which has been home to Zoladex manufacturing - and the expertise that goes along with it - for many years.
"This investment is a further signal of our long-term commitment to the UK, and to the North West."
Chancellor George Osborne, who is MP for nearby Tatton, said: "This is great news for our local community which will save and create hundreds of manufacturing jobs.
"This investment could have gone anywhere around the world - the fact it has come to Macclesfield shows what a superb site it is."