Novo Nordisk A/S Sponsored ADR Class B (NVO.US) launches over 400 million euros to upgrade Irish factories, aiming to increase global production capacity for Wegovy.

According to local media reports on Monday, Novo Nordisk A/S Sponsored ADR Class B (NVO.US) will invest 432 million euros (507 million US dollars) to upgrade its factory in Ireland to produce its popular weight-loss drug Wegovy for markets outside the United States. The facility will provide significant additional capacity for current and future obesity and diabetes medications, as confirmed by a company spokesperson. Previously reported, Novo Nordisk A/S Sponsored ADR Class B planned to expand its factory in Askeaton, central Ireland. Wegovy weight loss drug is a key product for Novo Nordisk A/S Sponsored ADR Class B to remain competitive in the once dominant weight loss market. Eli Lilly (LLY.US) also produces the active ingredient for its weight loss drug in Ireland and announced an $800 million investment to expand its factory in Cork by 2024. According to media reports, about two years ago, Novo Nordisk A/S Sponsored ADR Class B abandoned plans to build a factory near Dublin and reduced employment positions at the Askeaton factory in September last year.