The partners are setting up a new research and development and manufacturing facility at the Medipark, and will participate in a £9.5 million joint research programme.

The ITI Life Sciences Stem Cell Programme, which will also involve the University of Glasgow, will be funded by ITI Life Sciences, and aims to develop an automated process to produce high quality stem cells — a capability that currently does not exist anywhere else in the world.

A further £1.2 million funding will come from the Scottish Executive’s Regional Selective Assistance programme.

The announcement brings Scotland another step closer to global leadership in stem cell research.

The announcement was due to be made by Enterprise Minister Nicol Stephen at Discovery Point.

However, the minister was a victim of blizzard conditions in Fife and was forced to turn back to Edinburgh.

Mats Lundwall, chief executive of Gothenburg-based Cellartis AB, made the announcement in his place, saying, “This is a very exciting programme.

“Life sciences research in Scotland, particularly in the stem cell area, is recognised internationally. We hope to contribute to the growth.”

Mr Lundwall said his company had already been working on the project in a small way since the summer, and predicted the new facility would be up and running with people on site within four to six weeks.

He said the number of jobs quoted was a “forecast” over the next five to six years, and is reliant on market and product development.

The figure, he stressed, was based on reality.