Danish drugmaker Novo Nordisk (NVO) is investing $1.20 billion U.S. in a new facility that will produce medications to treat rare diseases.
The new drug production plant will be based in Odense, Denmark and manufacture medications to treat rare conditions such as the blood disorder haemophilia.
Novo Nordisk, which is Europe's most valuable publicly traded company thanks to its popular weight-loss drug Wegovy, is developing a 200-acre site for the new production plant.
The facility will be Novo Nordisk's first in the city of Odense, and its first new factory in Denmark in more than 20 years.
Construction has already begun on the new plant, which is scheduled to be completed in 2027, when the facility is expected to create 400 new permanent jobs.
The construction phase will create up to 1,000 jobs at the site, the company said.
Novo Nordisk has announced billions of dollars worth of new investments over the past year, including $4.1 billion U.S. to build an American facility to fill orders for Wegovy and diabetes drug Ozempic.
The stock of Novo Nordisk has risen 5% this year and is currently trading at $106.95 U.S. per share.
