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Released July 01, 2024 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The maker of the popular Ozempic and Wegovy diabetes and weight-loss drugs,
Danish pharmaceutical company Novo Nordisk A/S (NYSE:NVO) (Bagsværd, Denmark), has canceled plans for a US$2 billion expansion of its campus in Dublin, Ireland.
At the start of the year, Industrial Info reported that the company was looking to build a major manufacturing operation at its Grange Castle campus, adding up to 1.6 million square feet of new facilities and employing up to 1,100 people when commissioned in 2026. It would have comprised up to three filling and packaging manufacturing facilities, a warehouse building, two assembly and packaging facilities, an administration building and a laboratory, according to plans submitted. For additional information, see January 22, 2024, article - Novo Nordisk Taps Ireland for Weight Loss Production Boost.
However, the project has been dropped and no reason was forthcoming. In a statement to the Sunday Times newspaper in recent days, Novo Nordisk stated: "Following an assessment, Novo Nordisk has made the decision to stop project activities in Grange Castle business park in Ireland. As a consequence, we will withdraw our planning application and not complete the acquisition of the land." Earlier in the year a statement submitted with the planning application highlighted that the company "is experiencing significant growth in demand for its medicines and they wish to expand their filling and production capacity to serve the patients that rely on them". In 2023, Novo Nordisk became Europe's most valuable firm on the success of its diabetes and weight-loss drugs Ozempic and Wegovy. In September the company had a stock market valuation of US$428 billion. Wegovy--popularly dubbed the "skinny jab" by Hollywood celebrities--has seen record sales and shortages worldwide over the past year. As a result, Novo Nordisk ramped up its manufacturing investment in Denmark and France. The company is spending more than US$2.2 billion to boost production at its site in Chartres, France, to add aseptic production and finished production processes, as well as an extension of the site's current laboratory for quality control. It will add 500 more jobs to the current workforce of 2,000. Construction has begun and will be completed between 2026 and 2028, the company said. Industrial Info is also tracking a further US$3.5 billion in projects to greatly expand the company's manufacturing capacity at Kalundborg in Denmark.
In January, Novo Nordisk concluded an agreement with Alkermes plc (Dublin, Ireland) to buy its manufacturing facility in Monksland, Athlone, in the center of Ireland for a one-time cash payment of US$92.5 million. More than 400 staff transferred to Novo Nordisk on completion of the deal recently. At the time, Thilde G. Hummel Bøgebjerg, senior vice president of Product Supply Emerging Technologies at Novo Nordisk, said: "The acquisition of the Athlone facility represents an expansion of Novo Nordisk's global manufacturing setup and will provide Novo Nordisk with additional development and manufacturing capacity for current and future oral products."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
At the start of the year, Industrial Info reported that the company was looking to build a major manufacturing operation at its Grange Castle campus, adding up to 1.6 million square feet of new facilities and employing up to 1,100 people when commissioned in 2026. It would have comprised up to three filling and packaging manufacturing facilities, a warehouse building, two assembly and packaging facilities, an administration building and a laboratory, according to plans submitted. For additional information, see January 22, 2024, article - Novo Nordisk Taps Ireland for Weight Loss Production Boost.
However, the project has been dropped and no reason was forthcoming. In a statement to the Sunday Times newspaper in recent days, Novo Nordisk stated: "Following an assessment, Novo Nordisk has made the decision to stop project activities in Grange Castle business park in Ireland. As a consequence, we will withdraw our planning application and not complete the acquisition of the land." Earlier in the year a statement submitted with the planning application highlighted that the company "is experiencing significant growth in demand for its medicines and they wish to expand their filling and production capacity to serve the patients that rely on them". In 2023, Novo Nordisk became Europe's most valuable firm on the success of its diabetes and weight-loss drugs Ozempic and Wegovy. In September the company had a stock market valuation of US$428 billion. Wegovy--popularly dubbed the "skinny jab" by Hollywood celebrities--has seen record sales and shortages worldwide over the past year. As a result, Novo Nordisk ramped up its manufacturing investment in Denmark and France. The company is spending more than US$2.2 billion to boost production at its site in Chartres, France, to add aseptic production and finished production processes, as well as an extension of the site's current laboratory for quality control. It will add 500 more jobs to the current workforce of 2,000. Construction has begun and will be completed between 2026 and 2028, the company said. Industrial Info is also tracking a further US$3.5 billion in projects to greatly expand the company's manufacturing capacity at Kalundborg in Denmark.
In January, Novo Nordisk concluded an agreement with Alkermes plc (Dublin, Ireland) to buy its manufacturing facility in Monksland, Athlone, in the center of Ireland for a one-time cash payment of US$92.5 million. More than 400 staff transferred to Novo Nordisk on completion of the deal recently. At the time, Thilde G. Hummel Bøgebjerg, senior vice president of Product Supply Emerging Technologies at Novo Nordisk, said: "The acquisition of the Athlone facility represents an expansion of Novo Nordisk's global manufacturing setup and will provide Novo Nordisk with additional development and manufacturing capacity for current and future oral products."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
