Novo Nordisk’s Investment in Brazil

SAO PAULO (Reuters) – Danish drugmaker Novo Nordisk (NYSE:NVO) will invest 864 million reais ($158.2 million) to revamp a plant in Brazil, responsible for a quarter of its insulin production globally.

The funds will overhaul the Montes Claros factory in the southeastern state of Minas Gerais and implement sustainable projects there, Novo Nordisk said in a statement.

The maker of Ozempic and Wegovy, which have gained popularity for their weight-loss applications, made the announcement as Brazilian President Luiz Inacio Lula da Silva met with Queen Mary Donaldson of Denmark earlier in the day, according to the Brazilian government.

($1 = 5.4627 reais)