• Novo Nordisk A/S (NYSE: NVO) plans to invest DKK 5.4 billion to expand its existing facilities in Bagsvaerd, Denmark.

• The plans also include constructing a new plant to extend the existing facilities.

• Novo, the world's biggest producer of diabetes drugs, said the project is expected to be finalized in 2024 and create about 160 new jobs.

• The investment would establish additional capacity in research and development for manufacturing of active pharmaceutical ingredients (API), the main biologically active components of medicines, to supply its global clinical trials.

• Related: Novo Nordisk Raises FY22 Earnings Outlook On Robust Ozempic Sales.

• The expansion will provide capacity for developing Novo Nordisk's future oral and injectable product portfolio.

• "This investment in expanding our clinical API capacity in Bagsværd is an important step to ensure the continuous progress of our development pipeline. Increasing our API capacity in R&D will be a key enabler in bringing new innovations to the market and meet the future demand of our patients", said Jesper Bøving, senior vice president of CMC Development, Novo Nordisk.

• Price Action: NVO shares are trading at $113.41 on the last check Tuesday.

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