PIF member Cancer Research UK (CRUK) is investing up to £123m in a research unit at the University of Glasgow.
The 7-year investment aims to help make Scotland a major global hub for cancer research.
Funds will support around 300 researchers and 100 other staff in 30 research groups.
The Beatson Institute will now be known as the CRUK Scotland Institute.
CRUK currently funds around 60% of non-commercial cancer research in Scotland.
It invests around £33m in Scotland each year.
This includes funding for the CRUK Scotland Institute, the CRUK Scotland Centre and grants awarded to research groups at different universities.
It also funds Experimental Cancer Medicine Centres (ECMCs) in Glasgow and Edinburgh.