A landmark moment in France’s health industry is expected as President Emmanuel Macron is set to announce a significant $2.3 billion investment by Danish pharmaceutical giant Novo Nordisk (NYSE:NVO).
What Happened: As per Reuters, the Elysee Palace has shared that this initiative will be formally unveiled on Thursday. This initiative has been touted as the biggest investment in the health sector ever made during Macron’s tenure. It also promises to create 500 new jobs.
See Also: Agile Therapeutics Posts Growth In Third Quarter Results, Reiterates Confidence In Target of $25M Net Revenue, Positive Cash Flow In 2024
The investment will be located in Chartres, situated to the west of Paris. Novo Nordisk already has a workforce of nearly 2,000 in the region. The Danish company is globally acclaimed for Wegovy, its highly effective anti-obesity medication.
While Macron’s office did not furnish any additional information about the investment, it was characterized as a signal of the resurgent industrial competitiveness in France.
Why It Matters: This investment comes at a crucial time for Novo Nordisk. The company recently announced its plans to limit the supplies of its diabetes drug, Ozempic, in Europe and reduce the distribution of another diabetes drug, Victoza. This move was intended to increase Ozempic’s production in response to a significant surge in demand.
Read Next: Why Is Pharma Giant Bristol-Myers Squibb (BMY) Stock Trading Lower Today?
Photo via Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
