Danish pharmaceutical giant Novo Nordisk, maker of obesity treatments Wegovy and Ozempic, is investing 740 billion won in factory expansion to produce Wegovy in pill form.
According to Bloomberg on Sunday (local time), Novo Nordisk has decided to invest 432 million euros (approximately 741.3 billion won) in expanding its facility in Athlone, central Ireland. The investment aims to scale up production of Wegovy pills, a key focus for the company. Construction projects launched this time are scheduled for completion sequentially from 2027 to 2028. Novo Nordisk withdrew plans to build a factory near Dublin approximately two years ago and reduced workforce at its Athlone facility last September. However, the company is now betting on Wegovy pills and moving forward with facility expansion.
Novo Nordisk, once the frontrunner in obesity treatments, is showing signs of falling behind competitors. Goldman Sachs recently downgraded its investment rating on Novo Nordisk from buy to neutral after clinical trial results for CagriSema, the company's next-generation injectable, showed lower weight-loss efficacy than Eli Lilly's Zepbound.
Meanwhile, Ireland hosts nine of the world's top 10 pharmaceutical companies, attracted by low corporate tax rates. Eli Lilly also produces active ingredients for its weight-loss drugs in Ireland and announced an $800 million investment (approximately 1.163 trillion won) to expand its Cork facility in 2024.