Novo Nordisk Allocates Over €400 Million to Upgrade Irish Facility for Global Wegovy Production Boost

Stock News03-02 17:11

Novo Nordisk (NVO.US) will invest €432 million ($507 million) to upgrade one of its plants in Ireland for manufacturing its blockbuster weight-loss drug Wegovy, targeting markets outside the United States, according to local media reports on Monday. The upgraded facility is expected to provide substantial additional capacity for current and future obesity and diabetes treatments. A company spokesperson confirmed the investment amount. Previous reports indicated that Novo Nordisk plans to expand its facility in Athlone, located in central Ireland. Wegovy is a crucial product for Novo Nordisk to maintain competitiveness in the weight-loss market, where it once held a dominant position. Eli Lilly (LLY.US), which also produces active ingredients for its weight-loss drugs in Ireland, announced a $800 million investment earlier in 2024 to expand its plant in Cork. Media reports noted that roughly two years ago, Novo Nordisk abandoned plans to build a new facility near Dublin and cut jobs at its Athlone plant last September.

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