Around 600 new jobs are expected to be created by the scheme across Brighton, Hove and the region.
The scheme has been backed by leading scientists, such as Nobel Prize-winner Sir Paul Nurse, and aims to transform the way scientists carry out research and provide students with a high-tech learning experience.
Designed by Hawkins Brown Architects, the five-storey building will include collaborative spaces for staff and students to work in, encouraging molecular biologists, zoologists, neuroscientists, pharmacologists and chemists to carry out research alongside each other to develop new scientific insight.
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In addition, environmental features include green roofs to reflect its South Downs surroundings, as well as four open courtyard spaces and an ‘internal street' as a reference to founding architect Sir Basil Spence's original designs for the University.
Other highlights include a new Bio-Innovation Centre; a hub for growing bio-medical businesses. The 17,000 sq m building will be the University's second-largest, behind only the Library.
Michael Davies, Pro-Vice-Chancellor for Research at the University of Sussex, said: "This is fantastic news for the University, for science, and for the city and the region, creating jobs and boosting the local economy.
"By becoming a hub for bio-innovation, we will help to foster an emerging sector in the region, which will have a legacy for years to come.
"This new landmark building will enable us to teach the scientists of tomorrow, alongside producing ground-breaking research that changes people's lives and makes local people proud."
The development of the Life Sciences building is part of the University's overall Campus Masterplan, which was approved by Brighton & Hove City Council in 2015.
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