Pharmaceuticals company Millennium broke ground Thursday on a new 246,000-square-foot lab building at 300 Massachusetts Ave. in Cambridge.

The company, which markets drugs which treat multiple myeloma and lymphoma, was founded in 1993 in Cambridge and acquired in 2008 by Takeda Pharmaceutical Co. of Okasa, Japan.

Anna Protopapas, president of Millennium, said the company will expand its research-and-development work at the new facility.

"The expansion into a new facility reflects Takeda’s ongoing commitment to this region as well as the patients whose lives we impact," Protopapas said in a blog post.