The University of Arizona on Friday dedicated its new Bio5 Oro Valley facility at 1580 E. Hanley Blvd.

The Bio5 Oro Valley laboratory and office space off North Oracle Road will house three major components: the Arizona Drug Discovery Center, an incubator space that will allow common initiatives between private enterprise and university researchers, and a cancer-prevention research group.

“It will significantly enhance our capability to have our research discoveries commercialized and delivered to the marketplace,” UA Provost Meredith Hay said in prepared remarks.