Europe’s most valuable company by market value, which is fighting to keep up with soaring demand for anti-obesity drug Wegovy, said the investment would significantly boost capacity for its current and future serious chronic disease drugs.

“With this, we will – over the coming years – increase our production capacity to be prepared for the increased demand for our medicines and future innovations from our pipeline,” Novo Nordisk said.

It said the construction projects had started and would gradually be finalised through 2028.

Novo said the investment included capacity for GLP-1 products and will add aseptic production and finished production, and also an extension of a quality control laboratory.

Shares in the company were up 0.4% at 0922 GMT, taking a year-to date rise to 50%.