COPENHAGEN – Novo Nordisk’s (NYSE: NVO) Pharmatech unit will build a 1.5 billion Danish crown ($221 million) plant in Denmark to meet significantly higher demand for medicines to fight chronic diseases, the company said on Friday.
The facility, which will produce raw materials for Novo Nordisk’s drugs, is expected to be ready for operation in 2027 and will create around 50 jobs, Pharmatech said in a statement.
A spokesperson said the plant will produce silica gel which Novo Nordisk uses when making several of its products including insulin and GLP-1 therapies, such as the diabetes drug Ozempic and its popular weight-loss treatment Wegovy.
Novo Nordisk (NYSE: NVO), which has scrambled to address drug shortages to meet global demand, has grown sharply in recent years to become Europe’s most valuable company by market capitalization.
($1 = 6.7925 Danish crowns)
(Source: ReutersReuters)
